Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could you please explain why its not to debit the interest receivable account and a credit to the interest income account? The closing journal entry

image text in transcribed

Could you please explain why its not to debit the interest receivable account and a credit to the interest income account?

The closing journal entry for interest received is: Select one: a. Debit Trading and credit Profit & Loss b. Debit Interest Received and credit Trading c. Debit Interest Received and credit Profit & Loss d. Debit Profit & Loss and credit Interest Received

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bookkeeping And Accounting For Beginners

Authors: D.K. Livingston

1st Edition

1686248598, 978-1686248597

More Books

Students also viewed these Accounting questions

Question

=+a) Create a run chart for the baseballs circumferences.

Answered: 1 week ago

Question

What appraisal intervals are often used in appraisal reviews?

Answered: 1 week ago

Question

What are the various alternatives?

Answered: 1 week ago