Why is it necessary to make an adjusting entry for accrued interest on an interest-bearing note payable?

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Why is it necessary to make an adjusting entry for accrued interest on an interest-bearing note payable? Can the entry be reversed?

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College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

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Question Posted: Oct 21, 2014 02:32 AM

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Why is it necessary to make an adjusting entry for accrued interest on an interest-bearing note payable?

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The interest on an interestbearing note payable accumulates daily Cust...View the full answer

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