what is the treatment of accured interest charge in npo.......I'm confused ....if you don't mind hlp me...
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Under the accrual basis of accounting, the amount of accrued interest is to be recorded with accrual adjusting entries by the borrower and the lender before issuing their financial statements. The borrower's adjusting entry will debit Interest Expense and credit Accrued Interest Payable (a current liability).
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