Reference no: EM132472185
Question 1: Compute interest expense for the year but you are not sure if doing it correctly. working on the adjusting entries for December 31, 2017.
point 1: First, have a note payable for $10,000 at 6% that was made on January 31, 2017 and is due on February 1, 2019.
point 2: Next, have a five year loan for $21,000 at 7.5% annual rate, interest only until the due date. The loan was taken on June 1, 2017 and is due June 1, 2022.
point 3: So for the note payable, I have $10,000 x 0.06 x 11/24(months) = $269
point 4: And the loan have $21,000 x 0.075 x .5/5 = $157.5 which seems really low given the principle is double the note payable. don't think doing this one correctly.
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