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What the adjusting entry for interest payable would be

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October 1st Borrowed $32,250 from Page Bank, on a five-year, 8% note, with interest only to be paid at each year-end (December 31) and principal due October 1, Year 6.

Journal Entry:

DR: Cash 32250

CR: Notes Payable 32250

Problem 1: What the adjusting entry for interest payable would be for one month? What would the adjusting October 31st entry look like to accrue for interest payable?

Reference no: EM132906389

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