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Adjusting Entries for Interest
The following note transactions occurred during the year for Towell Company:

Oct.25Towell issued a 90-day, 9% note payable for $8,000 to Hyatt Company for merchandise.
Nov.7Towell signed a 120-day, 10% note at the bank for $12,000.
Dec.22Towell gave Barr, Inc., a 60-day, 10%, $16,000 note for payment of account.

Prepare the general journal entries necessary to adjust the interest accounts at December 31.
Use 360 days for calculations and round to the nearest dollar.

General Journal

DateDescriptionDebit

Credit

Dec.31

 

 

 

 

 

 
To accrue interest expense for note issued on Oct. 25.

Dec.31

 

 

 

 

 

 
To accrue interest expense for note signed on Nov. 7.

Dec.31

 

 

 

 

 

 
To accrue interest expense for note on Dec. 22.
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