Kile company borrows 63359 on july 1 from the bank by, Ask an Expert

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Kile Company borrows $63,359 on July 1 from the bank by signing a $63,359, 8%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

a) July 1 Cash 63359
Notes payable 63359
(b) Dec. 31 Interest expense ?
Interest payable ?

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Accounting Basics, Accounting

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