Respuesta :
The journal entry as of march 1 are-
Debit Notes Payable $24,000; debit Interest Expense $360; credit Cash $24,720 ; debit Interest Payable $360.
Define the term year-end accrual?
- Adjustments for income that have already earned but has not yet been posted here to general ledger accounts and adjustments for expenses that have already incurred but have not yet been posted to the ledger accounts are referred to as accruals.
- Adjusting entries known as year-end accruals are made to ensure that expenses and revenues are reported in the appropriate fiscal year.
Interest Expense= Principal × Interest Rate × Time
Interest Expense= $66,000 × 0.09 × 60/360;
Interest Payable= $990 (debit to Interest Expense)
Interest Payable= Principal × Interest Rate × Time
Interest Payable= $66,000 × 0.09 × 60/360;
Interest Payable= $990 (debit to Interest Payable)
Maturity Value= Principal + Interest Expense
Maturity Value= $66,000 + 2×$990 = $67,980.
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