Explain why it is necessary to make an adjusting entry for accrued interest on an interest-bearing note

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Explain why it is necessary to make an adjusting entry for accrued interest on an interest-bearing note payable. Should the entry be reversed?

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College Accounting Chapters 1-26

ISBN: 9780395796993

6th Edition

Authors: Douglas J. McQuaig, Patricia A. Bille

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