The journal entry to pay off a 6 month note payable issued on October 1, 2019,...
The journal entry to pay off a 6 month note payable issued on October 1, 2019, where the correct adjusting journal entry was recorded on December 31, and due on April 1, 2020 would include a:
- A. Credit to notes payable
- B. Debit to interest payable
- C. Credit to interest expense
- D. Debit to cash
Homework Answers
Answer
--Complete entry record payment of the note payable would
be:
[Debit] Notes Payable by amount of notes payable
[Debit] Interest Payable by amount of adjusting entry made on 31
Dec
[Debit] Interest Expense by the amount of interest expense accrued
in current period, and
[Credit] Cash by the amount of notes payable + interest paid.
--Correct Answer = Option 'B' Debit to interest payable .
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