babysune01
27.09.2021 •
Business
Far Away Inc. borrowed $120,000 on October 1 by signing a note payable to Area One Bank. The interest expense for each month is $700. The loan agreement
requires Far Away Inc. to pay interest on December 31.
1. Make Far Away Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry
and include its explanation
2. Post all three entries to the Interest Payable account.
3. Record the payment of three months' interest at December 31.
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Ответ:
pittsburgh, Pennsylvania