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Accrued Interest Payable
Chart of Accounts
Analysis
I Generel Journal
Instructions
The following is a list of outstanding notes payable as of Desember :
tablePayeeDate of Note,Principal,Interest,Term,No of DaysX Rayal,$ days,G Richards,A Gray,O Hankins,
Required:
Compute the accrued inferest at the end of the year.
Prepare the adjusting entry in the general joumal.
Analysis
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Compute the accrued interest at the end of the year. Additional Instructions
tableAccrued interestX Rayal,G Richard,A Gray,O Hankins,Total
Points:
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Check My Work
The formula for calculating interest is
