A. March 1, paid interest due on note, $2,900B. December 31, interest accrued on note payable, $4,350Prepare journal entries to record the above transactions. If an amount box does not require an entry, leave it blank.Mar.1 Dec. 31 Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,900). Interest Payable Beginning Balance Balance A. March 1, paid interest due on note, $2,900B. December 31, interest accrued on note payable, $4,350Prepare journal entries to record the above transactions. If an amount box does not require an entry, leave it blank.Mar. 1Dec. 31Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,900).Interest PayableBeg. Bal.Balance

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. Accounting journal shows a company's debit and credit balances. Date Accounts Debit Credit Mar.1 Interest expense $2,900 Cash $2,900 Dec. 31 Interest expense $4,350 Interest Payable $4,350 Interest Payable Cash $2,900 Beginning Balance $2,900 Interest expense $4,350 Balance $4,350

Answered: A. March 1, paid interest due on note,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A. March 1, paid interest due on note, $2,900

B. December 31, interest accrued on note payable, $4,350

Prepare journal entries to record the above transactions. If an amount box does not require an entry, leave it blank.

Mar.1

Dec. 31

Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,900).

	Interest Payable
		Beginning Balance

		Balance

A. March 1, paid interest due on note, $2,900
B. December 31, interest accrued on note payable, $4,350
Prepare journal entries to record the above transactions. If an amount box does not require an entry, leave it blank.
Mar. 1
Dec. 31
Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,900).
Interest Payable
Beg. Bal.
Balance

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