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Write the December 31st Adjusting journal entry if there is

Write the December 31st Adjusting journal entry if there is one. Indicate with (adj.) the adjusting entry and put the date of the adjusting entry if there is one. 4. A loan of $10,000 was taken out by the firm from First City Bank at 12% annual interest on November 30th.

Solution

adjusting entry:-

Dec. 31 Interest exp. ( 10000 * 12 % * 1 month / 12 months ) 100
Interest payable 100
Write the December 31st Adjusting journal entry if there is one. Indicate with (adj.) the adjusting entry and put the date of the adjusting entry if there is on

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