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As interest is recorded on an interest-bearing note, the Interest Expense account is ________. A. decreased; the Interest Payable account is increased B. increased; the Interest Payable account is increased C. increased; the Notes Payable account is decreased D. increased; the Notes Payable account is increased
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As interest is recorded on an interest-bearing note, the Interest Expense account is: B. increased; the Interest Payable account is increased
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Hello Badbush and welcome to Just answer
The correct choice is:
D. increased; the Notes Payable account is increased
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Reply to BusinessTutor's Post: B. is not possible?
Reply to Neo's Post: I thought the answer was C. How did you come up with the answer of B and not C? Just trying to understand what I was thinking and why B is correct.
Hello Bad bushIt is my fault, I misread the questionNeo's answer is the correct one. It is B, I am the one who confused you and I apologize for that.
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Experience: BS Accounting