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Started business on Jan1st List below are some events that occurred its first year opera

Started business on Jan.1st. List below are some events that occurred its first year operation.

1. Equipment worth $150,000 was purchased on Sep.1st, in exchangefor $50,000 in cash and two- year, 10% note with a principal amount of $100,000.

2. There was no interest paid on the note during the year.
 
The question is:
 
What is the interest expense (which is on the debit side) for this year.
And what is the interest payable (which is on the credit side) for this year.

May 02 2018 View more View Less

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