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Prepare adjusting entries needed for the accrual of interest

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Inc. entered into the following transactions relating to notes payable:

Sept. 1 Purchased inventory costing $48,000 by signing an 8-month, 6% note payable.

Nov. 1 Purchased inventory costing $30,000 by signing a 1-year, 7% note payable.

Required:

Question 1: Using the following general journal, prepare journal entries to record the above transactions.

Question 2: Assuming Inc. has a December 31 year end, prepare a adjusting entries needed for the accrual of interest. For ease of computation assume that Inc. calculates interest expense based on the number of months, outstanding, rather than the number of days.

Reference no: EM132499490

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