I need help deciphering interest expense interest payable adjusting entry and amortization expense/accumulated amortization. 6% interest note payable… | Cheap Nursing Papers

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.

Notes 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!

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