The adjusting entry for the accrued interest on December 31 on the note is Debit interest expense, $150; credit interest payable, $150.
Accrued interest is the amount of interest that has been owed on a loan or other financial obligation as of a given date but has not yet been paid. For the lender or the borrower, accumulated interest may take the form of accrued interest revenue or accrued interest expense. The amount of bond interest that has accumulated since the last time payment of bond interest was made is sometimes referred to as accrued interest.
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