Reference no: EM132488825

Question 1: Calculate the interest rate for the 30-day note. If the note is $60,000 at 12%, the interest should be $600 ($60,000 x .12 x 30/360). recorded this amount as a debit to interest expense and a credit to interest payable and a $60,000 debit to notes payable and a $60,600 credit to cash. The homework system accepted the $60,000 debit to notes payable and $60,600 credit to cash, but it does not accept the debit to interest expense or the credit to interest payable.