On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800. This amount represented funds borrowed on a six-month, 9 percent note from the firm’s bank on December 1.Record the journal entry for interest expense on this note that should be recorded on the firm’s worksheet for the year ended December 31, 2019. Journal entry worksheet   Record the adjustment for interest. Note: Enter debits before credits.         Date General Journal Debit Credit Dec 31, 2019

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
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On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800. This amount represented funds borrowed on a six-month, 9 percent note from the firm’s bank on December 1.


Record the journal entry for interest expense on this note that should be recorded on the firm’s worksheet for the year ended December 31, 2019.

Journal entry worksheet
 
  • Record the adjustment for interest.
Note: Enter debits before credits.
 
 
 
 
Date General Journal Debit Credit
Dec 31, 2019      
       
     
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