Accrue interest for June on the 200,000 Mountain High Bank Note Payable. The annual interest rate...
Accrue interest for June on the 200,000 Mountain High Bank Note Payable. The annual interest rate is 4%. The note was signed on June 3. Adjusting entry for June 30.
Homework Answers
Journal entry
| Date | account and explanation | debit | credit |
| June 30 | Interest expense (200000*4%*27/360) | 600 | |
| Interest payable | 600 | ||
| (To record accrued interest) |
Note : Assume 360 days in a year
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