23rd Edition

ISBN: 9781337794756

Author: HEINTZ, James A.

Publisher: Cengage Learning,

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Chapter 17, Problem 9SEB

JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the end of the year, the following interest is payable, but not yet paid. Record the adjusting entry in the general journal.

Interest on $8,000, 90-day, 8% note (for 18 days)	$32.00
Interest on $4,500, 60-day, 7% note (for 7 days)	6.13
	$38.13

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Chapter 17, Problem 8SEB

Chapter 17, Problem 10SPB

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Chapter 17 Solutions

College Accounting, Chapters 1-27

Ch. 17 - The maturity value of a note includes both...Ch. 17 - Prob. 2TF Ch. 17 - The difference between the maturity value of a...Ch. 17 - Prob. 4TF Ch. 17 - When a dishonored note is collected, interest is...Ch. 17 - Principal plus interest equals ______ of a note....Ch. 17 - Prob. 2MC Ch. 17 - Prob. 3MC Ch. 17 - Prob. 4MC Ch. 17 - Accrued interest payable is reported as a ______...

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JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the end of the year, the following interest is payable, but not yet paid. Record the adjusting entry in the general journal. Interest on $8,000, 90-day, 8% note (for 18 days) $32.00 Interest on $4,500, 60-day, 7% note (for 7 days) 6.13 $38.13

Solution Summary: The author explains that accrued interest on payable is interest expense that has been incurred but not paid. Interest expense is a component of stockholders' equity and decreases the expense account.

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Chapter 17 Solutions