How to enter these in a Interest expense, InterestReceivable, Interest Income Journal. Some how my ending balance isnot going to good, i don't want to use the computer calcuator iwant to learn how to calcualate it manually.
NOTES PAYABLE
Date.......Description...............................InterestRate
Jan 1......100,000 note due in 9 mths...............9 %
Feb 1......75,000 note due in 6 mths................12%
NOTES RECEIVABLE
Feb 1......60,000 note due in 3 mths.................6%
Assume all interest is paid at maturity and none of the notesare paid early.
What should be the entry for interest expense on March31?
What entry should be recorded in the interest receivableaccount for Friday?
How much interest income should be recorded for the yearending December 31?
How much interest expense is recorded for the year endingDecember 31
How much cash will be paid for the January 1 note, plusinterest, on October1?