At December 31, the unadjusted trial balance of H&R Tacks reports Interest Payab

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Interest Payab

Adjusting Journal Entry Interest expense a/c To Interest payable a/c (Being Interest expense recognised) $420 T- Accounts: Date General Journal Debit Credit Dec 31 Interest expense a/c To Interest payable a/c (Being Interest expense recognised) $420 $420

ID: 2431531 • Letter: A

Question

At December 31, the unadjusted trial balance of H&R Tacks reports Interest Payable of $0 and Interest Expense of $0. Interest incurred and owed in December totals $420. Required:

a. Prepare the adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.

Explanation / Answer

Adjusting Journal Entry

Interest expense a/c

To Interest payable a/c

(Being Interest expense recognised)

$420

T- Accounts:

Date General Journal Debit Credit Dec 31

Interest expense a/c

To Interest payable a/c

(Being Interest expense recognised)

$420

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At December 31, the unadjusted trial balance of H&R Tacks reports Interest Payab

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