Multiple Choice
What would be the adjusting entry for a note payable whose interest is not included in the face amount of the note?
A) Debit Interest Receivable and credit Interest Income.
B) Debit Interest Expense and credit Cash.
C) Debit Interest Expense and credit Interest Payable.
D) Debit Cash and credit Notes Payable.
Correct Answer:
Verified
Correct Answer:
Verified
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