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Jackson Bank lends Jabbour Clothing Company ​$125,000 on September 1. Jabbour signs a ​$125,000​, ​6%, six-month note. The journal entry made by Jabbour on December​ 31, its fiscal​ year-end, is

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Answer:

Interest expense_2500

Interest payable_______2500

Explanation:

Note 125000    

Interest 6%    

Six montrh note    

Close month 31 decoember    

DATE BORROW % Int. Monthly Int.

sep-01 125000          0,50% 625

oct-01 125000          0,50% 625

nov-01 125000          0,50% 625

dec-01 125000          0,50% 625

   

         125000          2,00% 2500

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