(L. OBJ. 4) Accruing Interest expense and posting to T-accounts [10 min]
Harris Travel borrowed $48,000 on September 1, 2011, by signing a one-year note payable to Street One Bank. Harris interest expense for the remainder of the fiscal year (September through November) is $888.
Requirements
1. Make the adjusting entry to accrue interest expense at November 30, 2011, Date the entry and include its explanation.
2. Post to the T-accounts of the two accounts affected by the adjustment.
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