Homework Answers
| Transaction | General Journal | Debit | Credit |
| 3 | Interest expense [$52,800 x 12% x (3/12)] | $1,584 | |
| Interest payable | $1,584 | ||
| [To record accrued interest expense] | |||
| 4 | Interest receivable | $1,710 | |
| Interest revenue [$22,800 x 9% x (10/12)] | $1,710 | ||
| [To record accrued interest revenue] |
Explanation:
For transaction 3: Interest accrued for 3 Months [Oct 1, 2021 to Dec 31, 2021]
For transaction 4: Interest accrued for 10 Months [March 1,2021 to Dec 31,2021]
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