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Use the answer choices of documents/journals/ledgers to answer the question. What should be used when calculating...

  1. Use the answer choices of documents/journals/ledgers to answer the question. What should be used when calculating the accrual for unpaid interest? ( I know the answer IS NOT "A")
    1. Notes payable
    2. General ledger
    3. Tax return
    4. Fixed asset subsidiary ledger
    5. Loan documents
    6. 12 column worksheet
    7. Purchases journal
    8. Depreciation journal
    9. Cash disbursements journal
    10. A/R subsidiary ledger
    11. Income statement
    12. Cash receipts journal
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Answer #1

Option (e) is correct

Loan documents should be used for accrual for unpaid interest. Accrued interest is the interest expense for current period that is not yet paid. We have to refer to the loan documents (that contain the interest rate and other details of the loan) to calculate how much is the interest expense of the current period. Based on this, we calculate the accrued/ unpaid interest.

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