what is the journal entry of interest accured
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Answer:
The borrower's adjusting entry will debit Interest Expense and credit Accrued Interest Payable (a current liability). The lender's adjusting entry will debit Accrued Interest Receivable (a current asset) and credit Interest Revenue (or Income).
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Explanation:
The accounting records will show the following bookkeeping transaction entries to record the accrued interest income.
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