Calculate the adjusting entry and accrue interest on bond

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Reference no: EM13823895

1. On Jan 22. Issued a 90 day note payable 3% for $15,100. Calculate the adjusting journal entry on Jan 31 for the interest owed on this note.

2. On Jan 2 Issued $100,000, 5-year, debenture 4% bonds with a yield of 6%. Interest payable semi annually on June 30 and December 31. Calculate the Adjusting entry on Jan 31 to accrue interest on bond.

Reference no: EM13823895

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