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Small Business Accounting- Interest Expense
Small Business Accounting- Interest Expense
What are the entries to record interest expense incurred on borrowings from bank ? Upon occurrence of interest expense:
Dr. Interest Expense (P/L)
Cr. Interest Payable (B/S)
Upon repayment of interest payable to bank:
Dr. Interest Payable (B/S)
Cr. Cash (B/S)
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