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The interest income account is debited and the cash account is credited in the journal entry for interest on a note receivable.
<h3>What are Notes payable?</h3>
Long-term obligations known as notes payable represent the sums that a firm owes its financiers, including banks and other financial institutions as well as other funding sources like friends and family. They are considered long-term since they are due after a year, though typically within five years.
Thus, the journal entry of interest on notes payable can be referred to in the below image.
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