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Category > Accounting Posted 29 May 2018 My Price 7.00

Harriet's paid-off

On August 1, 2016, Harriet's paid-off the $75,000 note payable that was outstanding at the beginning of the period. The note had an 8% interest rate, had been issued on August 1, 2015, and required semiannual interest payments on Jan 31, 2016 and July 31, 2016.

 

The three solution journal entries are:

 

Note Payable $75,000

Cash $75,000

 

Interest Payable $2,500

Interest Expense $ 500

Cash $3,000

 

Interest Expense $3,000

Cash $3,000

 

Can someone please walk me through these journal entries and explain how why we have an interest expense of $500 in there?

Answers

Maurice Tutor
(5)
Status NEW Posted 29 May 2018 07:05 PM My Price 7.00

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