Kile company borrows 71423 on july 1 from the bank by, Ask an Expert

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Kile Company borrows $71,423 on July 1 from the bank by signing a $71,423, 9%, 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.

Date Account/Description Debit Credit

(a) July 1 Cash .........
Notes payable .....

(b) Dec. 31 Interest expense......
Interest payable ......

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M969641

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