The adjusting entry for the accrued interest on a one-year note payable includes:
The adjusting entry for the accrued interest on a one-year note payable includes:
debit Interest Receivable; credit Interest Expense.
debit Interest Expense; credit Interest Payable.
debit Interest Receivable; credit Interest Revenue.
debit Interest Expense; credit Interest Receivable.
debit Interest Payable; credit Interest Revenue.
Homework Answers
Answer :
Option - B, Debit interest expense; credit Interest payable.
Explanation :
The adjusting entry for accrued interest ona one year notes payable is :
Interest expense A/c Dr
...............Interest expense payable A/c
In this journal entry, Interest expense is a expense account and Interest expense payable is a liability account.
Add Answer to:
The adjusting entry for the accrued interest on a one-year note payable includes:
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