Financial Accounting: prepare journal entries to record the following transactions.create a T-account or Interest Payable, post any entries that affect the account, and tally the ending balance for the account.

Financial Accounting

Prepare journal entries to record the following transactions. Create a T–account or Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500).

A. March 1, paid interest due on note, $2,500

B. December 31, interest accrued on note payable, $4,250