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Prepare the entry required on january

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Reference no: EM132344105

Question

Interest expense as on June 30 , 2017:

Interest expense = ($15000*8%)*1/12 = $100

Each month interest expense of $100 by passing Adjusting entries transfer to the interest payable account.

(a) Balance in Interest payable Account as on December 31,2017 = ($15000*8%)*7/12 = $700

(b) Prepare the entry required on January 1, 2018, when the loan is paid back.

Reference no: EM132344105

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