1. 3 ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST EXPENSE 2 1 1. Debit Interest Expense. 2. Credit Interest Payable. 3. Record the adjusting entry. Lesson 24-2, page 623

2. 1 2 POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST EXPENSE 1. Post the debit. 2. Post the credit. Lesson 24-2, page 624

3. REVERSING ENTRY FOR ACCRUED INTEREST EXPENSE 1 2 1. Debit Interest Payable. 2. Credit Interest Expense. Lesson 24-2, page 625

4. 4 PAYING A NOTE PAYABLE SIGNED IN A PREVIOUS FISCAL PERIOD 1 3 2 1. Debit for Principal 2. Debit for Total Interest 3. Credit for Maturity Value 4. Post amounts in General columns. Lesson 24-2, page 626

5. TERMS REVIEW accrued expenses accrued interest expense Lesson 24-2, page 628