1. The entry to journalize the reversing entry for accrued interest expense is (A) debit Income Summary; credit Interest Expense. (B) debit Interest Payable; credit Income Summary. (C) debit Interest Expense; credit Income Summary. (D) debit Interest Payable; credit Interest Expense.

Question

Eddie Acosta

Business

24 May, 21:17

1. The entry to journalize the reversing entry for accrued interest expense is (A) debit Income Summary; credit Interest Expense. (B) debit Interest Payable; credit Income Summary. (C) debit Interest Expense; credit Income Summary. (D) debit Interest Payable; credit Interest Expense.

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Answers (1)

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Natalie Mason · Answer 1

Answer: the correct answer is (D) debit Interest Payable; credit Interest Expense

Explanation:

Interest payable is the amount of interest that is been owed. The usual journal entry used to record this transaction is a debit to the interest payable account and a credit to the interest Expense.