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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
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 ReceivedStep by Step Solution
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Bookkeeping And Accounting For Beginners
Authors: D.K. Livingston
1st Edition
1686248598, 978-1686248597
