1. ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST EXPENSE2 3 1
1. Debit Interest Expense.
2. Credit Interest Payable.
3. Record the adjusting entry.
Lesson 24-2, page 621

2. POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST EXPENSE1 2
1. Post the debit.
2. Post the credit.
Lesson 24-2, page 622

3. REVERSING ENTRY FOR ACCRUED INTEREST EXPENSE1 2
1. Debit Interest Payable.
2. Credit Interest Expense.
Lesson 24-2, page 623

4. PAYING A NOTE PAYABLE SIGNED IN A PREVIOUS FISCAL PERIOD1 3 4 2
1. Debit for Principal
2. Debit for Total Interest
3. Credit for Maturity Value
4. Post amounts in General columns.
Lesson 24-2, page 624

5. TERMS REVIEW accrued expenses accrued interest expense
Lesson 24-2, page 626