Alpha Geek

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Category > Accounting Posted 10 May 2017 My Price 5.00

Interest expense on note payable

e2A. On the last day of October, Lake Company borrows $60,000 on a bank note for 60 days at 12 percent interest. Interest is not included in the face amount. Prepare the following journal entries: (1) October 31, recording of note; (2) November 30, accrual of interest expense (round to the nearest cent); and (3) December 30, payment of note plus interest.

 

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Alpha Geek
(8)
Status NEW Posted 10 May 2017 02:05 PM My Price 5.00

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Attachments

file 1494427033-1355147_1_636299080225668299_1355147.xlsx preview (293 words )
In-----------ter-----------est----------- ex-----------pen-----------se -----------on -----------not-----------e p-----------aya-----------ble-----------Pre-----------par-----------e t-----------he -----------fol-----------low-----------ing----------- jo-----------urn-----------al -----------ent-----------rie-----------s: -----------(1)----------- Oc-----------tob-----------er -----------31,----------- re-----------cor-----------din-----------g o-----------f n-----------ote-----------; (-----------2) -----------Nov-----------emb-----------er -----------30,----------- ac-----------cru-----------al -----------of -----------int-----------ere-----------st -----------exp-----------ens-----------e (-----------rou-----------nd -----------to -----------the----------- ne-----------are-----------st -----------cen-----------t);----------- an-----------d (-----------3)Â----------- De-----------cem-----------ber----------- 30-----------, p-----------aym-----------ent----------- of----------- no-----------te -----------plu-----------s i-----------nte-----------res-----------t. ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------e2A-----------. -----------On -----------the----------- la-----------st -----------day----------- of----------- Oc-----------tob-----------er,----------- La-----------ke -----------Com-----------pan-----------y b-----------orr-----------ows-----------
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