Red
You owe Delta Bank $100,000 principle. The interest expense is 8%. You sign the loan on Jan 1 2024 and pay it on Jan 1 2025. What is your total expense?
$8,000
What is the basic journal entry for interest expense as it is incurred?
D Interest Expense
C Interest Payable
principle: $50
Interest rate: 1%
Loan acquired: Feb 1
Loan paid : Nov 31
What is the journal entry on Feb 31?
round the the nearest cent
D Interest Expense $.04
C Interest Payable $.04
What is the basic journal entry for paying off your interest expense?
D Interest Payable
C Cash
principle: $50
Interest rate: 1%
Loan acquired: Feb 1
Loan paid : Nov 31
What is the journal entry on Nov 31?
D Interest Payable $.33
Interest Expense $.04
C Cash. $.37
What is my last name?
Crawford