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scoundrel [369]
3 years ago
11

Moss County Bank agrees to lend the Sandhill Co. $455000 on January 1. Sandhill Co. signs a $455000, 6%, 9-month note. What is t

he adjusting entry req
Business
1 answer:
tigry1 [53]3 years ago
7 0

Answer and Explanation:

The adjusting entry is as follows

Interest Expense ($455,000 × 6% × 6 months ÷ 12 months) $13,650

         To Interest payable

(Being interest expense is recorded)

here the interest expense is debited as it increased the expenses and credited the interest payable as it also increased the liabilities

The six months is calculated from Jan 1 to June 30

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