question archive Suppose that at the close of the fiscal year of company X, you have a document payable for Lps
Suppose that at the close of the fiscal year of company X, you have a document payable for Lps
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Suppose that at the close of the fiscal year of company X, you have a document payable for Lps. 1,000,000.00 which has caused Lps 200,000.00 for interest. The adjustment entry at the close of the fiscal year for accrued interest is?
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Answer:
Adjusting journal entry:
Debit: Interest Expense $200,000
Credit: Accrued Interest Payable $200,000
