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Stella [2.4K]
3 years ago
13

On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable with Erikson Co

mpany. What amount of interest expense is accrued at December 31 on the note
Business
1 answer:
Lera25 [3.4K]3 years ago
8 0

Answer:

Interest expense $80

Explanation:

the journal entry to record the issuance of the note:

December 1, 202x, note issued in replacement of account payable

Dr Accounts payable 24,000

    Cr Notes payable 24,000

the journal entry to record accrued interests payable is:

December 31, 202x, accrued interests payable

Dr Interest expense 80

    Cr Interests payable 80

Interest expense = $24,000 x 4% x 1/12 = $80

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