I need help figuring out adjusting entries for amortization expense/accumulated amortization and interest expense/interest payable for the two | Cheap Nursing Papers

I need help figuring out adjusting entries for amortization expense/accumulated amortization and interest expense/interest payable for the two

I need help figuring out adjusting entries for amortization expense/accumulated amortization and interest expense/interest payable for the two following scenarios. I am unclear on amortization and which constitutes amortization

For year end December 31, 2017

6% interest note payable made on January 3, 2017 and is due on February 1, 2019

5-year loan was made on June 1, 2017. Terms are 7.5% annual rate, interest only until due date.

"Get 15% discount on your first 3 orders with us"
Use the following coupon
FIRST15

Order Now

Hi there! Click one of our representatives below and we will get back to you as soon as possible.

Chat with us on WhatsApp