posted by ben on .
the long-term note payable bears an interest of 12% per year. the
unadjusted interest expense account equals the amount paid for the
first 11 months of the 2008 fiscal year.(3,300). The 300 accrued
interest for april has not yet been paid or recorded.Note: that the
company is required to make a 10,000 payment toward the note payable
during the 2009 fiscal year.