ACCT 201 1st Edition Lecture 12 Outline of Last Lecture I More examples of credit and debit Outline of Current Lecture II Calculating interest and putting in into the accounting equation Current Lecture We borrow 1000 on 1 1 14 pay in full on 6 1 14 We will pay 10 interest on 6 1 14 A 1 1 1000 cash L 1000 acct pay 1 31 8 30 int payable SE 1000 x 10 100 yr 100 12 8 3 month 8 30 int expense Interest is always for one year We lent 1000 get 10 interest A L 1 1 1000 cash 1000 acct receivable 1 31 8 3 int pay SE 8 3 int expense Pay 100 per day 5 days a week Mon Fri after work A L SE On payday 500 cash 500 wage expense 1 31 Wed 300 wage payable 300 wage expense 2 2 Fri 500 cash 300 wage payable 200 wage expense These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Refer to pg 185
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