Homework Answers
SOLUTION
| S.No. | Date | Accounts titles and Explanation | Debit ($) | Credit ($) |
| A. | July 1 | Bank | 66,000 | |
| Notes payable | 66,000 | |||
| (To record the proceeds of the note) | ||||
| B. | Dec.31 | Interest expenses | 2,640 | |
| Interest payable | 2,640 | |||
| (66,000*8%*6/12) | ||||
| (To record the accrued interest) |
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