Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 May 2018 My Price 2.00

semiannual interest payments

On October 1, 2016, we borrowed $120,000 on a note payable that carries a 6% interest rate with semiannual interest payments required on March 31, 2017 and September 30, 2017. The correct journal entry for interest expense/payable is listed below; please explain how to calculate the interest / how to get $1800 as the expense.

 

Interest Expense $1,800

Interest Payable $1,800

Answers

Maurice Tutor
(5)
Status NEW Posted 29 May 2018 07:05 PM My Price 2.00

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