    JOURNALIZING ACCRUED INTEREST EXPENSE 1 2 3

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Presentation transcript:

    JOURNALIZING ACCRUED INTEREST EXPENSE 1 2 3 1. Determine the amount of accrued interest. 2. Debit the expense account. 3. Credit the liability account. Lesson 9-3, page 262

REVERSING ENTRY FOR ACCRUED INTEREST 1. Debit the liability account. 1 2. Credit the expense account. 2 Lesson 9-3, page 263

PAYMENT OF NOTE AT MATURITY Notes Payable 2/13 7,500.00 1/1 Bal. 7,500.00 2 1. Calculate total interest due at maturity. 2. Debit Notes Payable, $7,500.00. 3. Debit Interest Expense, $125.00. Credit Cash, $7,625.00. Interest Expense 2/13 125.00 1/1 Bal. 31.25 Cash 2/13 7,625.00 3 4. Determine the interest expense for the current period. 1 4 Lesson 9-3, page 263

JOURNALIZING ACCRUED SALARY EXPENSE 1. Debit the expense accounts. 1 2. Credit the liability accounts. 2 Lesson 9-3, page 264

REVERSING ENTRY FOR ACCRUED SALARY 1 1. Debit the liability accounts. 2. Credit the expense accounts. 2 Lesson 9-3, page 265

1 2 1 2 1. Debit the expense account. JOURNALIZING ACCRUED EMPLOYER PAYROLL TAXES EXPENSE 1. Debit the expense account. 1 2. Credit the liability accounts. 2 REVERSING ENTRY FOR ACCRUED EMPLOYER PAYROLL TAXES 1. Debit the liability accounts. 1 2 2. Credit the expense account. Lesson 9-3, page 266

JOURNALIZING ACCRUED FEDERAL INCOME TAX EXPENSE 1. Debit the expense account. 1 2 2. Credit the liability account. Lesson 9-3, page 267

TERM REVIEW accrued expenses Lesson 9-3, page 268