E connect NTING Ch 13 Part 2 HW Question 3 (of 5 20.00 points Brief Exercise 13-

Question

E connect NTING Ch 13 Part 2 HW Question 3 (of 5 20.00 points Brief Exercise 13-3 Determining accrued interest Lo13-2) at maturity. What is the On July 1, acasLab issued a S 190 000 11%, 8-month note Interest is payable amount of nterest expense that should be recorded in a year -end adusting entry if the fiscal year end is (a) December 31? (b) September 307 31 September 30 References eBook & Resources Worksheet Difficulty: 1 Easy Briet Exercise 13-3 Determining Leaming Objective. 13-02 Account for the accrued interest [LO13-2 issuance and payment of various forms of notes and record the interest on the notes tation: 5 assword: lab-104

Explanation / Answer

If fiscal year end dec 31 :

Interest expenses = 190000*11%*6/12 = 10450

If fiscal year end Sep 30 :

Interest expenses = 190000*11%*3/12 = 5225

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