Ask Question
29 October, 01:06

g The company took out a loan from the bank (this transaction was already recorded). It was a 90-day, 9% note for $7,200 taken out on December 1, 2014. Record the accrued interest expense for the month of December.

+5
Answers (1)
  1. 29 October, 01:36
    0
    1. Dr Interest expense 54

    Cr Accrued interest 54

    (To record interest expense)

    Explanation:

    Interest expense = 7200 * 9% = $648 * 1 / 12 = $54 for the m/o dec
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “g The company took out a loan from the bank (this transaction was already recorded). It was a 90-day, 9% note for $7,200 taken out on ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers