Which of the following statements about bonds and notes is not correct? Bonds Payable and Notes Payable are always classified as noncurrent liability accounts The journal entry that records interest owed on bonds and notes includes a debit to Interest Expense and a credit to Interest Payable. A company can borrow the funds necessary to finance its activities using bonds or promissory notes Borrowings using bonds or notes are initially recorded with a journal entry that debits Cash and credits the relevant liability account