For thr example of of Adam purchasing inventory don't we preform a journal entry in January? Also on the notes payable shouldn't interest expense be on the debt side of accounts? Because the video has it on the credit side and now it doesn't balance out.
@@luisescaffi3450 I think interest expense is debited with 1,333 though alongside the debit of notes payable with 100000. and of course we credit cash with 101,333
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For thr example of of Adam purchasing inventory don't we preform a journal entry in January? Also on the notes payable shouldn't interest expense be on the debt side of accounts? Because the video has it on the credit side and now it doesn't balance out.
i believe the way that you calculate interest expense on note payable, interest bearing is wrong.
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Such a nice review, thank you!
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Hello can you break down how you got 108,333? I can't figure that out
I agree. I think it is an error. I believe he meant 101,333. The interest expense is 1,333 and is a credit.
@@luisescaffi3450 yes it's an error smh
Yes. It is an error from my side.
@@luisescaffi3450 I think interest expense is debited with 1,333 though alongside the debit of notes payable with 100000. and of course we credit cash with 101,333
Thank you! I calculated like 10x and ended up with the same 101,333.
can you send me the ppt, thank you
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