The Journal Entry for Accrued Interest on a Note Payable

question 159

Multiple Choice

The journal entry for accrued interest on a note payable includes:

• A) debiting Interest expense and crediting Cash.
• B) debiting Interest expense and crediting Accrued interest payable.
• C) debiting Accrued interest expense and crediting Cash.
• D) crediting Accrued interest expense.

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Definitions:

Social Inequality

The uneven distribution of resources, opportunities, and rights among different social statuses and groups in a society.

Group Autonomy

The right or condition of self-governance by a group, often within a larger political or social entity, that allows the group to manage its own affairs independently.

Mutual Obligation

A concept in social policy where the rights of individuals to receive certain benefits or support are conditioned upon their performance of specific duties or behaviors.

Private Property

A legal designation for the ownership of property by non-governmental legal entities or individuals, allowing for the possession, control, and use of goods excluding others.