As interest is recorded on an interest-bearing note, the interest expense account is

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Business

Caleb

25 April, 21:50

As interest is recorded on an interest-bearing note, the interest expense account is

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Jillian Herring · Answer 1

As interest is recorded on an interest-bearing note, the interest expense account is and the Interest Payable account is increased.

The difference between the interest expense and interest payable is that Interest expense is the cost of debt that has occurred and Interest payable is the interest expense that has been incurred. on an interest nearing note both accounts are increased.