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Problem-
Prepare journal entries for the following transactions involving notes payable for Homer Company, whose fiscal year ends June 30. Omit explanations.
June 20 Paid a trade account payable with a 90-day, 9 percent $60,000 note. Interest is in addition to the face value.
30 Made end-of-year adjusting entry to accrue interest expense for the note.
30 Made end-of-year closing entry pertaining to interest expense.
18 Paid amount due on note, plus interest.
Additional information-
This problem belongs to Accounting and Prepare journal entries for the following transactions involving notes payable for Homer Company, whose fiscal year ends June 30.
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