The business determines that the interest expense on a note payable for the period ending December 31 is $490. This amount is payable on January 1. Journalize the entries required on December 31 and January 1. If an amount box does not require an entry, leave it blank. December 31 Interest Expense Interest Payable January 1 Interest Payable Cash 4
The business determines that the interest expense on a note payable for the period ending December 31 is $490. This amount is payable on January 1. Journalize the entries required on December 31 and January 1. If an amount box does not require an entry, leave it blank. December 31 Interest Expense Interest Payable January 1 Interest Payable Cash 4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The business determines that the interest expense on a note payable
for the period ending December 31 is $490. This amount is payable on
January 1.
Journalize the entries required on December 31 and January 1. If an
amount box does not require an entry, leave it blank.
December 31 Interest Expense
Interest Payable
January 1
Interest Payable
Cash
00 00
00 00
A
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