Interest expense

Related BrainMass Solutions

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  the company's interest expense will be less than the interest paid each year. the company's interest expense will be more than the interest paid each year.

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  rent, rent revenue, interest expense, interest payable, supplies expense, supplies and others.

• How to prepare a closing entry

  20,000 rent expense $15,000 Income Summary 15,000 Rent expense 15,000 interest expense $4,000 Income Summary 4,000 Interest expense 4,000 Finally, we will close the balance in income summary (or net income) into

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  Since the bonds are issued at face value, interest expense can be calculated using the simple interest formula Interest expense = PRT = 80,000 X 4% X 7/12 (June 1 to Dec 31) = 1,866.67 The bonds may be dated Feb 1, but interest expense accrues only

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  Interest Payable 1,000 Interest Expense 1,000 b. Interest Expense 4,000 Interest Payable 4,000 c. Interest Expense 1,000 Interest Payable 1,000 d. Interest Expense 1,000 Notes Payable 1,000 64.

• Important information about Adjusting Entries

  DR Interest Expense $500 CR Interest Payable $500 DR P & L $500 CR Interest Expense $500 4.