Question: Journalizing and posting an adjusting entry for accrued interest expense Fly Away Travel borrowed $26,000 on August 1, 2016, by signing a one-year note payable to Region One Bank. Fly Away's interest expense on the note payable for the remainder of the fiscal year (August through October) is $494. Requirements
1. Record the adjusting entry to accrue interest expense at October 31, 2016.
2. Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment.