For notes payable whose interest is stated separately,the adjusting entry would consist of a debit to Interest Expense and a credit to Interest Payable.

Name: For notes payable whose interest is stated separately,the adjusting entry would consist of a debit to Interest Expense and a credit to Interest Payable.
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This is because the interest expense has been earned but not yet paid, so it needs to be recognized as an expense and recorded with a credit to the liability account of Interest Payable.

For Notes Payable Whose Interest Is Stated Separately,the Adjusting Entry