Instructions Chart of Accounts General Journal Instructions The company determines that the interest expense on a note payable for the period ending December 31 is $310. This amount is payable on January 1. Required: Prepare the journal entries required on December 31 and January 1. Refer to the Chart of Accounts for exact wording of account titles Chart of Accounts CHART OF ACCOUNTS General Ledger REVENUE ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 41 Fees Earned EXPENSES 51 Advertising Expense
General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Building 17 Accumulated Depreciation-Office Building REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Wages Payable 25 Interest Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends
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