When accruing interest expense on a short-term note, the Interest Payable account will decrease.

Name: When accruing interest expense on a short-term note, the Interest Payable account will decrease.
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When accruing interest expense on a short-term note, the Interest Payable account will increase, not decrease. This is because as time passes, the amount of interest owed increases, therefore increasing the liability.

When Accruing Interest Expense on a Short-Term Note, the Interest