Balance showing in the notes payable account

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Reference no: EM131070485

Alex has noticed a problem with the balance showing in the notes payable account. According to a statement sent by the bank, the note in question has a remaining balance of $76,000.00 while the general ledger shows a $64,000.00 balance. In researching this, Alex finds that the $3,000.00 per month payment was coded entirely to Notes Payable, and no entry was made to interest expense. What entry should Alex make to correct this?

Reference no: EM131070485

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Balance showing in the notes payable account : Alex has noticed a problem with the balance showing in the notes payable account. According to a statement sent by the bank, the note in question has a remaining balance of $76,000.00 while the general ledger shows a $64,000.00 balance. In researchin..

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