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Financial Accounting MCQs

The journal entry for accrued interest on a note payable includes ________.

A debit to Interest Expense and credit to Interest Payable.

A debit to Interest Payable and credit to Cash.

A debit to Interest Expense and credit to Cash.

A credit to Interest Expense and debit to Notes Payable

Answer

Correct Answer: A debit to Interest Expense and credit to Cash.

Explanation:

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