When is it necessary to make an adjusting entry for accrued interest on an interest-bearing note receivable?

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When is it necessary to make an adjusting entry for accrued interest on an interest-bearing note receivable? Why? What is the adjusting entry? Can the adjusting entry be reversed?

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College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

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Question Posted: Oct 21, 2014 02:32 AM

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When is it necessary to make an adjusting entry for accrued interest on an interest-bearing note receivable?

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The interest on an interestbearing note receivable accumulates daily Customarily the int...View the full answer

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