Homework Answers
Part 1) JOURNAL ENTRIES
| Date | Particulars | Debit | Credit |
| July 1,2021 |
Cash Loans payable (Borrowings made from Falcon Company) |
17000 | 17000 |
| Dec 31, 2021 |
Interest Expense Interest payable (Being adjusting entry done for interest expense) |
1020 | 1020 |
Part 2) Calculation of interest expense amount and interest payable amount for 2021
Interest expense amount =(17000*12%)*6/12 = $1020
Interest payable amount = $1020
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