Moss County Bank agrees to lend the Sunland Company $605000 on January 1. Sunland Company signs a $605000, 6%, 9-month note. What is the adjusting entry required if Sunland Company prepares financial statements on June 30

DR Interest Expense $18,150

CR Interest Payable $18,150

Explanation:

June 30 would mean that 6 months have elapsed since the note was issued. The interest rate is an annual one so will have to be adjusted for 6 months.

The interest expense so far will be;

= 605,000 * 6% *

= $18,150

This figure is to be debited to the Interest Expense account to show that it is an expense and credited to the Interest Payable account.

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