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View Full Version : Adjusting entry


princess_mpk
Jan 20, 2007, 12:19 AM
I'm trying to do my accounting homework and I got stumped. Im doing an adjusting entry for Interest accrued on notes reveivable on may 31st for 100$. Would I debit notes recievable and credit interest income?

CaptainForest
Jan 20, 2007, 06:51 PM
When is this note issues/due? Interest rate on it?

You will
Dr. Interest Expense
Cr. Interest Payable