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When the interest payment dates are March 1 and September 1 and notes are issued on July 1 the amount of interest expense to be accrued at December 31 of the year of issued would be for how long?
Mrobin459
10 months
Wiki User
∙ 12y ago
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What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
What is the journal entry of accrued interest?
[debit] Interest expense [credit]interest payable
What is the journal entry for accrued expense?
basic salary 21967 / salary of September
What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in bank
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
What is the journal entry for accrued interest expense on Notes Payable?
debit interest expense, credit interest payable for the accrued amount
What are the examples of accrued expenses?
Accrued expense refers to an expense that has been incurred but not yet paid. Examples of accrued expense items might be interest that has accrued on an outstanding note that has not been paid, and taxes that have accrued but not yet been paid.
What is the journal entry of accrued interest?
[debit] Interest expense [credit]interest payable
What is accured interest?
Accreud interst is interst payable that has not been paid yet: Double entry: Debit : Say Laon Interest Account Credit: Interest Payable Account Accrued Interest: This is the interest which we have earned but not yet received. Example: If there is a contract that we will receive the interest on money landed to somebody of $ 1200 at the end of the year then after 1 month we have earned the interest of $ 100 but not yet received so we will show that $ 100 in the asset side of balance sheet as accrued interest. The above is Accrued Interest Income. Similarly, you can have Accrued Interest Expense. So, using the above example, if you were the borrower, at the end of the first month you would debit Interest Expense for $100 and credit a liability account called Accrued Interest.
What is the journal entry for accrued expense?
basic salary 21967 / salary of September
What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in bank
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
Do accrued expense accounts have debit balance?
accrued expense has debit balance like all other expenses.
What is the journal entry to record payment of accrued interest?
[Debit] Interest expense xxxx [Credit] Interest payable xxxx [Debit] Interest payable xxxx [Credit] Cash / bank xxxx
When does an accrued expense have to be paid?
An accrued expense is an accounting expense that is recognized in the books but has not yet been paid. It is usually a current expense. An accrued expense is paid when the due date for payment has reached, for example, wages are accounted for in the books before they are paid, but are usually paid either on a monthly or weekly basis depending on the policies of the company.
