LESSON 21-2 Accrued Expenses

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LESSON 21-2 Accrued Expenses 7/24/2018 LESSON 21-2 Accrued Expenses

ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST EXPENSE page 622 2 3 1 1. Debit Interest Expense. 2. Credit Interest Payable. 3. Record the adjusting entry. LESSON 21-2

POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST EXPENSE page 623 1. Post the debit. 2. Post the credit. 1 2 LESSON 21-2

REVERSING ENTRY FOR ACCRUED INTEREST EXPENSE page 624 1 2 1. Debit Interest Payable. 2. Credit Interest Expense. LESSON 21-2

PAYING A NOTE PAYABLE SIGNED IN A PREVIOUS FISCAL PERIOD page 625 March 1. Paid cash for maturity value of the September 2 note: principal, $10,000.00, plus interest, $600.00; total, $10,600.00. Check No. 916. 1 3 2 1. Debit for the principal of the note. 4 2. Debit for the total interest. 3. Credit for the maturity value of the note. 4. Post the amounts in the General columns. LESSON 21-2

TERMS REVIEW accrued expenses accrued interest expense page 627 LESSON 21-2