P10-2A. Adjusting Entries for Interest At December31, 2017, Eric Corporation had two notes payable outstanding (notes...
P10-2A. Adjusting Entries for Interest At December31, 2017, Eric Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2018, Eric also had two notes payable outstanding (notes 3 and 4). These notes are described below:
Date of Note Principal Amount Interest Rate number of Days
December 31, 2017
Notes 1......…………………..11/16/2017 $30,000 8% 120
Note 2...……...………………12/4/2017 16,000 9 60
December 31, 2018
Note 3 12/7/2018 9,000 10 60
Note 4 12/21/2018 18,000 12 30
Required
.a. Prepare the adjusting entries for interest at December 31, 2017.
b. Assume that the adjusting entries were made at December 31, 2017. Prepare the 2018 journal entries to record payment of the notes that were outstanding at December 31, 2017.
c. Prepare the adjusting entries for interest at December 31, 2018.
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P10-2A. Adjusting Entries for Interest At
December31, 2017, Eric Corporation had two notes payable
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