Record the adjusting entry to accrue interest expense

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Reference no: EM131814830

Question: Journalizing and posting an adjusting entry for accrued interest expense Fly Away Travel borrowed $26,000 on August 1, 2016, by signing a one-year note payable to Region One Bank. Fly Away's interest expense on the note payable for the remainder of the fiscal year (August through October) is $494. Requirements

1. Record the adjusting entry to accrue interest expense at October 31, 2016.

2. Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment.

Reference no: EM131814830

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