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an entry was made incorrectly recording the note payable interest and principal payments to the other accrued liability account.
an entry was made incorrectly recording the note payable interest and principal payments to the other accrued liability account. The entry should have been made to the interest expense and note payable accounts. The loan has a monthly payment of $1001.61. The shop has paid $2,439 in interest and $5,565 in principal over the past eight months. (b) the principal amount of $5,565 was also incorrectly recorded in the other accrued liabilities account. you'll need to make a adjusting entry moving this from accrued other and reducing the long term note payable account.
