![]() In the above example, the note and the interest are paid quarterly. The series of journal entries through 2 January 2020, including the 31 December 2019 adjusting journal entry, is given in the table below. Both the principal and interest are payable in four quarterly installments, beginning on 1 October 2019. However, in this case, a payable and an expense are recorded instead of a receivable and revenue.įor example, suppose that on 1 July 2019, Dogget Company borrowed $10,000 from a local bank. The journal entry for accrued interest expenses corresponds to the entry for accrued interest revenue.
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