Question
A re-payment of 15,000 has been posted to XYZs loan account, whereas 3,000 of this amount was paid as interest on the loan. To correct
A re-payment of 15,000 has been posted to XYZs loan account, whereas 3,000 of this amount was paid as interest on the loan. To correct this error the journal entry would require:
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| 1. | Debit Jerry Blakes loan a/c and credit Interest on loan account with 3,000 |
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| 2. | Debit Interest on loan account and credit Jerry Blakes Loan a/c with 3,000 |
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| 3. | Debit Cash account and credit Jerry Blakes Loan a/c with 3,000 |
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| 4. | Debit Interest on loan account and credit Jerry Blakes loan a/c with 15,000 |
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Easyinvoice Invoice Billing Receiption Accounting Make It Easy
Authors: Thian Thima
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