Debit your Interest Expense account and credit your Accumulated Interest Payable account to record the accrued interest throughout an accounting period.
Interest Payable is a liability account that shows how much money the company owes in interest as of the balance sheet date.
Accountants understand that if a corporation has a balance in Notes Payable, it should record some amount in both Interest Expense and Interest Payable.
Thus, Accumulated Interest Payable account to record the accrued interest .
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