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Homework Answers
| Assets | = | Liabilities | + | Stockholder's Equity | ||||
| (a) | 1,000,000 | = | 1,000,000 | |||||
| (b) | 15,000 | - | 15,000 |
Interest expense to be recorded on December 31, 2018 = 1000,000 x 9% x 2/12
= $15,000
| Date | General Journal | Debit | Credit |
| November 1, 2018 | Cash | 1,000,000 | |
| Note payable | 1,000,000 | ||
| December 31, 2018 | Interest expense | 15,000 | |
| Interest payable | 15,000 |
Kindly comment if you need further assistance. Thanks‼!
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