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Lesson 21 2
- 2. ANALYZING AN ADJUSTMENT FOR
ACCRUED INTEREST EXPENSE
2
page 622
2
1
3
1. Debit Interest
Expense.
2. Credit Interest
Payable.
3. Record the
adjusting entry.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 21-2
- 3. 3
POSTING AN ADJUSTING ENTRY FOR
ACCRUED INTEREST EXPENSE
page 623
1. Post the debit.
2. Post the credit.
1
2
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 21-2
- 4. REVERSING ENTRY FOR ACCRUED
INTEREST EXPENSE
1
4
page 624
2
1. Debit Interest Payable.
2. Credit Interest Expense.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 21-2
- 5. 5
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.
2. Debit for the total interest.
3. Credit for the maturity
value of the note.
4. Post the amounts in the
General columns.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
4
4
LESSON 21-2
- 6. 6
TERMS REVIEW
page 627
accrued expenses
accrued interest expense
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 21-2
- 7. 6
TERMS REVIEW
page 627
accrued expenses
accrued interest expense
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 21-2