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eBook Accrued Interest Payable Chart of Accounts Analysis I Generel Journal Instructions The following...

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Question

Accounting

eBook
Accrued Interest Payable
Chart of Accounts
Analysis
I Generel Journal
Instructions
The following is a list of outstanding notes payable as of Desember 31,20-:
\table[[Payee,Date of Note,Principal,Interest,Term,No. of Days],[X. Rayal,121??-,$1,200,6.0%,90 days,30],[G. Richards,1128??,2,300,8.0,80,33],[A. Gray,1216??-,3,400,7.0,120,15],[O. Hankins,1113??,2,900,6.5,180,48]]
Required:
Compute the accrued inferest at the end of the year.
Prepare the adjusting entry in the general joumal.
Analysis
Shaded cells have feedback.
Compute the accrued interest at the end of the year. Additional Instructions
\table[[,Accrued interest],[X. Rayal,],[G. Richard,],[A. Gray,],[O. Hankins,],[Total,]]
Points:
05
Feedback
Check My Work
The formula for calculating interest is I=PRT.
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