Interest That Has Accrued During the Accounting Period on a Note

question 11

Multiple Choice

Interest that has accrued during the accounting period on a note payable requires an adjusting entry consisting of:

• A)A debit to Interest Expense and a credit to Cash.
• B)A debit to Notes Payable and a credit to Interest Payable.
• C)A debit to an asset and a credit to a liability.
• D)A debit to Interest Expense and a credit to Interest Payable.

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