The adjusting entry debits interest receivable and credits interest revenue

The adjusting entry debits interest receivable and credits interest revenue

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The adjusting entry debits interest receivable and credits interest revenue. Interest on long-term notes is calculated using the same formula that is used with short- term notes, but unpaid interest is usually added to the principal to determine interest in 
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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