Question

On November 1st Alan signed a 120-day 10% note payable with a face value of $10,000....

On November 1st Alan signed a 120-day 10% note payable with a face value of $10,000. What is the adjusting entry for the accrued interest on December 31st on the note?

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Accrued interest

= 10,000 * 10% * 2/12

= 1000 * 2/12

= $166.66 or $167

Comment if you face any issues
Add a comment
Know the answer?
Add Answer to:
On November 1st Alan signed a 120-day 10% note payable with a face value of $10,000....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT