Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500).

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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PA10.) Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500).

  1. March 1, paid interest due on note, $2,500

     2. December 31, interest accrued on note payable, $4,250

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Journal entries: A business transaction is recorded through journal in accounting system

T account is graphical representation  of Ledger account

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