Instruction for payoff includes accrued interest, prepayment premium.
can I record accrued interest as interest expense?
how to record prepayment premium?
Thank you
From the perspective of the buyer, a prepayment is recorded as a debit to the prepaid expenses account and a credit to the cash account. When the prepaid item is eventually consumed, a relevant expense account is debited and the prepaid expenses account is credited.
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