31 1 Make Resort Inc\'s adjusting entry to accrue interest expense and interest

Question

31 1 Make Resort Inc's adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation 2. Past all theerees tothe Interest Payatie accart. You rood rot take the balance of the accout at the end of each month. 3. Recond the payment of three months interest at December 31 Requirement 1. Make Resont Inc 's adusting entry to accrue intenest expense and inerest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation (Record debits first, then credits. Enter explanations on the last line) for

Explanation / Answer

Req 1. Journal entries: Date Accounts title and explanations Debit $ Credit $ 31.10.18 Interest expenses Dr. 488     Interest payable account 488 30.11.18 Interest expenses Dr. 488     Interest payable account 488 31.12.18 Interest expenses Dr. 488     Interest payable account 488 Interest Payable Account Oct 31Interest expense 488 Oct 31 Balance 488 Interest Payable Account Nov 1 Balance 488 Nov 30 Interest expense 488 Nov 30 Balance 976 Interest Payable Account Dec1 Balance 976 Dec31 Interest expens 488 Dec 31 Balance 1,464 Req 3. Journal entry: Date Accounts title and explanations Debit $ Credit $ Dec31 2018 Interest payable Dr. 1464      Cash account 1464

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