Journal Entry For Interest Revenue
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Below are the examples of interest receivable journal entries.
Journal entry for interest revenue. As the income has been earned but not received it needs to be accrued for in the month end accounts. Accrual basis accounting records costs and revenue on the accounts at the time of their occurrence. This is done with an accrual journal entry under the cash basis of accounting interest revenue is only. A deposited sum of 500 000 in the bank account on december 01 2018.
The double entry bookkeeping journal entry to show the accrued interest income is as follows. Examples of interest receivable journal entry. So some of the most common journal entry of interest receivable are given below. A business earns interest on its money deposits of 1 000 but does receive the amount into its bank account until after the month end.
Interest revenue is the earnings that an entity receives from any investments it makes or on debt it owns. For example if interest of 1 000 on a note payable has been incurred but is not due to be paid until the next fiscal year for the current year ended december 31 the company would record the following journal entry. Dr interest expense 1 000.
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