Asked by Suzanna Mondragon on May 04, 2024
Verified
What entry will Ester Corp.make to repay the loan on September 30, assuming no further adjusting entries have been made since June 30?
Interest Due
The amount of interest that has been incurred on a loan or debt but has not yet been paid.
Adjusting Entries
Adjusting entries are journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Loan Repay
Loan repayment is the act of paying back borrowed funds to the lender, typically in installments that include both principal and interest.
- Calculate and record transactions related to notes payable and interest expense.
Verified Answer
SG
Learning Objectives
- Calculate and record transactions related to notes payable and interest expense.