Project 4N:Prepare Journal Entries from T-accounts Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for 1-Mar Interest expense Interest payable To recognize interest that has been incurred on note but not yet paid. 31-Dec Interest note Cash To recognize the interest note being paid for with cash.account (assume Interest Payable beginning balance of $2,500). A.March 1, paid interest due on note, $2,500 B.December 31, interest accrued on note payable, $4,250
r the DebitCredit 2,500 2,500 4,250 4,250
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