Interest Journals

Question by Sparkle101 Reward: 100 Pond Points + 10 Knowledge Tokens Status: Pending a resolution
Notes Payable
Date.................Description............Interest Rate
January 1...$100,000 note due in 9 months..........9%
March 1.....$75,000 note due in 6 months...........12%
Notes Receivable
February 1..$60,000 note due in 3 months...........6%
All the notes is paid at maturity and none of the notes are paid early.
How do i write up a journal including interest expense, interest receivable, and interest income. Please help me i am stuck.

Clarification by Sparkle101
Thank you but i wanted to know were how to calculate it manually, and how to draw up the journal for it, and where to place the entries within the journal.



Reply from toddsteppenwolf User Rating:  2640 Knowledge Tokens
is it a interest calculator your asking for? if so here is a site that has all kinds of interest calculators, just click on the link here in light blue and scroll down to witch ever calculator,

here is link;

http//www.ask.com/bar?q=interest+calculators&page=1&qsrc=178&ab=0&u=http%3A%2F%2Fmortgages.interest.com%2Fcontent%2Fcalculators%2Findex.asp

www.moneychimp.com%2Fcalculator%2Fcompound_interest_calculator.htm " rel="nofollow" target="_blank">http://www.ask.com/bar?q=interest+calculators&page=1&qsrc=178&ab=1&u=http%3A%2F%2Fwww.moneychimp.com%2Fcalculator%2Fcompound_interest_calculator.htm

www.bankrate.com%2Fcalculators%2Fmortgages%2Floan-calculator.aspx " rel="nofollow" target="_blank">http://www.ask.com/bar?q=interest+calculators&page=1&qsrc=178&ab=2&u=http%3A%2F%2Fwww.bankrate.com%2Fcalculators%2Fmortgages%2Floan-calculator.aspx

hope these help ya !!!!!!!!!!!!!!
Reply Rating:+1    


Reply from leakywelly User Rating:  2550 Knowledge Tokens
COME ON DAVE YOU ARE GOOD AT THIS STUFF WHERE ARE YOU...
Reply Rating: 0    

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