Sentences with phrase «debit interest expense»

Debit interest expense by the sum of the interest payment and the discount amortization, credit cash by the interest payment amount and credit discount on bonds payable by the amortization amount.

Therefore, debit interest expense by $ 20 ($ 40 - $ 20), credit cash by $ 40 and debit premium on bonds payable by $ 20.

Debit interest expense by the difference of the interest payment and the premium amortization, credit cash by the interest payment amount and debit premium on bonds payable by the amortization amount.

In the example, debit interest expense by $ 83.33 and notes payable / car loan by $ 416.67, then credit cash by $ 500 each time the company makes a payment.

This is recorded by debiting Interest Expense for $ 66.67 and Interest Payable for $ 66.67.

Not exact matches

To get better accrual resolution, credit cash and debit mortgage interest expense & principal repayment.

The entry made is a debit to Interest Expense for $ 66.67, a debit to Interest Payable for $ 733.37, a debit to Notes Receivable for $ 10,000 and a credit to cash for the total payment of $ 10,800.04.

At the end of each month, debit the monthly interest expense to the interest expense account in an adjusting entry in your records.

The difference between an original fixed interest payment and variable interest payment after the swap is recorded as adjusted interest expense in a debit account.

If the interest accrues at the beginning of the year, or the beginning of the loan term, make a debit entry to the interest expense account, and a credit entry to the interest payable account to reflect the fact that the business has incurred interest.