Crane Music Store borrowed $30,600 from the bank signing a 10%, 3-month note on September 1. Principal and interest are payable to the bank on December 1. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30, would be .

                               Dr.     Cr.

Interest Expense  $255

Interest Payable              $255

Explanation:

Interset Accrue on September 30 = 30,600 x 10% x 1/12 = $255

Only Interest expense of one month is payable on September 30 the principal will be paid on December 1. So, the accrual entry of the interest expense will be recorded on September 30 as monthly statement is being prepared.

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