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Calculate the total interest expense for an adjusting entry

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Reference no: EM132476168

Financing:

Point 1: 6% interest note payable was made on January 31, 2017, and is due February 1, 2019. Note payable is $10,000.

Point 2: 5-year loan was made on June 1, 2017. Terms are 7.5% annual rate, interest only until due date. Accounts Receivable is $30,401.

Question 1: Calculate the total Interest Expense/Interest Payable for an adjusting entry.

Reference no: EM132476168

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