List the accounts names for the following transaction and determine which is a debit or credit: 1. Interest on notes payable should be accrued $300
List the accounts names for the following transaction and determine which is a debit or credit: 1. Interest on notes payable should be accrued $300
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 10PA: Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr)...
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Question
List the accounts names for the following transaction and determine which is a debit or credit:
1. Interest on notes payable should be accrued $300
Expert Solution
Step 1
INTEREST ON NOTES PAYABLE ACCRUED IS A PART OF CURRENT LIABILITY AND EVERY LIABILITY EITHER CURRENT OR NON CURRENT HAVE A CREDIT BALANCE HENCE INTEREST ON NOTES PAYABLE WILL HAVE CREDIT BALANCE.
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