How would I calculate the end of this for part B? Thanks Journal Entries for Acc

Question

How would I calculate the end of this for part B? Thanks

Journal Entries for Accounts and Notes Payable Simon Company had the following transactions: Apr. 15 Issued a $6,000, 60-day, 8 percent note payable in payment of an account with Marion Company. May 22 Borrowed $45,000 from Sinclair Bank, signing a 60-day note at nine percent. Jun. 14 Paid Marion Company the principal and interest due on the April 15 note payable. ul. 13 Purchased $15,000 of merchandise from Sharp Company, signed a 90-day note with ten percent interest l 21 Paid the May 22 note due Sinclair Bank. Oct. 2 Borrowed $38,000 from Sinclair Bank, signing a 120-day note at 12 percent. Oct. 11 Defaulted on the note payable to Sharp Company. Required a. Record these transactions in general journal form. b. Record any adjusting entries for interest in general journal form. Simon Company has a December 31 year-end. Round answers to nearest dollar. Use 360 days for interest calculations.

Explanation / Answer

b) Adjusting entry :

Date accounts & explanation debit credit dec 31 Interest expenses (38000*12%*90/360) 1140 Accured interest payable 1140 (To record accured interest)

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