On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800. This amount represented funds borrowed on a six-month, 9 percent note from the firm’s bank on December 1.Record the journal entry for interest expense on this note that should be recorded on the firm’s worksheet for the year ended December 31, 2019. Journal entry worksheet   Record the adjustment for interest. Note: Enter debits before credits.         Date General Journal Debit Credit Dec 31, 2019

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Chapter9: Accounting For Receivables
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On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800. This amount represented funds borrowed on a six-month, 9 percent note from the firm’s bank on December 1.


Record the journal entry for interest expense on this note that should be recorded on the firm’s worksheet for the year ended December 31, 2019.

Journal entry worksheet
 
  • Record the adjustment for interest.
Note: Enter debits before credits.
 
 
 
 
Date General Journal Debit Credit
Dec 31, 2019      
       
     
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