The failure to record the required journal entry to accrue interest expense will make the net income to be too high and the company's liabilities to be too low.
The adjusting entry to accrue interest expense is a debit to the Interest Expense account and a credit to the Interest Payable account.
If this journal entry is not recorded, the net income will be overstated and the liabilities understated by the value of the accrued interest expense.
Thus, the company should not forget to accrue the interest expense.
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