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On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800. This amount represented funds borrowed on a six-month, 9 percent note from the firm’s bank on December 1.Record the journal entry for interest expense on this note that should be recorded on the firm’s worksheet for the year ended December 31, 2019. Journal entry worksheet   Record the adjustment for interest. Note: Enter debits before credits.         Date General Journal Debit Credit Dec 31, 2019

On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800. This amount represented funds borrowed on a six-month, 9 percent note from the firm’s bank on December 1.Record the journal entry for interest expense on this note that should be recorded on the firm’s worksheet for the year ended December 31, 2019. Journal entry worksheet   Record the adjustment for interest. Note: Enter debits before credits.         Date General Journal Debit Credit Dec 31, 2019

FINANCIAL ACCOUNTING
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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On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800. This amount represented funds borrowed on a six-month, 9 percent note from the firm’s bank on December 1.


Record the journal entry for interest expense on this note that should be recorded on the firm’s worksheet for the year ended December 31, 2019.

Journal entry worksheet
 
  • Record the adjustment for interest.
Note: Enter debits before credits.
 
 
 
 
Date General Journal Debit Credit
Dec 31, 2019      
       
     
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