Journalizing and posting an adjusting entry for accrued interest expense Resort Travel borrowed $33,000 on September 1, 2018, by signing a one-year note payable to State One Bank. Resorts' interest expense on the note payable for the remainder of the fiscal year (September through November) is $355. Requirements Record the adjusting entry to accrue interest expense at November 30, 2018. Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment.
Journalizing and posting an adjusting entry for accrued interest expense Resort Travel borrowed $33,000 on September 1, 2018, by signing a one-year note payable to State One Bank. Resorts' interest expense on the note payable for the remainder of the fiscal year (September through November) is $355. Requirements Record the adjusting entry to accrue interest expense at November 30, 2018. Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Journalizing and posting an
Resort Travel borrowed $33,000 on September 1, 2018, by signing a one-year note payable to State One Bank. Resorts' interest expense on the note payable for the remainder of the fiscal year (September through November) is $355.
Requirements
- Record the adjusting entry to accrue interest expense at November 30, 2018.
Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment.
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