Multiple Choice
The adjustment dated 12/31/20x1 to accrue interest to be paid most likely would be reversed by which of the following entries?
A) Debit Interest Payable and credit Interest Expense dated 1/1/20x2
B) Debit Interest Expense and credit Interest Payable dated 12/31/20x1
C) Debit Interest Payable and credit Interest Expense dated 12/31/20x1
D) Debit Interest Expense and credit Interest Payable dated 1/1/20x2
Correct Answer:
Verified
Correct Answer:
Verified
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