Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2023, from Natalie's grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2023 (1/2 month), December 2023, and January 2024. Calculate the interest payable that was accrued and recorded up to January 31, 2024. (Round answer to O decimal places, e.g. 125.) Interest payable $ List of Accounts Calculate the total interest expense and interest payable from February 1 to August 31, 2024. (Round answer to O decimal places, e.g. 125.) Total interest expense and interest payable $
Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2023, from Natalie's grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2023 (1/2 month), December 2023, and January 2024. Calculate the interest payable that was accrued and recorded up to January 31, 2024. (Round answer to O decimal places, e.g. 125.) Interest payable $ List of Accounts Calculate the total interest expense and interest payable from February 1 to August 31, 2024. (Round answer to O decimal places, e.g. 125.) Total interest expense and interest payable $
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...
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