I need help deciphering interest expense interest payable adjusting entry and amortization expense/accumulated amortization. 6% interest note payable…
I need help deciphering interest expense interest payable adjusting entry and amortization expense/accumulated amortization.
6% interest note payable was made on January 31,2017 and is due February 1, 2019.
5-year loan was made on June 1, 2017. Terms are 7.5% annual rate, interest only until due date.
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Order Paper NowNotes payable is $10,000. Loans payable $21,000.
I am so confused on how to calculate the interest and amortization and which amount goes to which account.
Help, please!