Usually when a short-term, interest-bearing note payable is paid on its maturity date, an asset is credited and a liability is debited.

Name: Usually when a short-term, interest-bearing note payable is paid on its maturity date, an asset is credited and a liability is debited.
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When a short-term, interest-bearing note payable is paid on its maturity date, the liability is debited (to decrease the balance) and the cash asset is credited (to increase the balance).

Usually When a Short-Term, Interest-Bearing Note Payable Is Paid on Its