credit
[Debit] Interest Receivable [Credit] Interest Income
Debit
a decrease in a receivable is a decrease in an asset therefore its a credit.
Accounts receivable is a debit.Answer:Accounts receivable is an asset and therefore maintains a debit balance. This is an account listing what a person or company owes you, or money that you expect to receive. Since it is an asset (all assets maintain a debit balance) it means to increase the account you debit it and to decrease it (when a payment is made by the customer) you credit it.Assets = debit balance (increase with debit, decrease with credit)Liabilities and Owners Equity = credit balance (increase with a credit, decrease with a debit)(GAAP)
Accounts receivable is an asset of company and like all other assets accounts accounts receivable also has debit balance.
debit
[Debit] Interest Receivable [Credit] Interest Income
debit interest expense, credit interest payable for the accrued amount
Debit
a decrease in a receivable is a decrease in an asset therefore its a credit.
Accounts receivable is a debit.Answer:Accounts receivable is an asset and therefore maintains a debit balance. This is an account listing what a person or company owes you, or money that you expect to receive. Since it is an asset (all assets maintain a debit balance) it means to increase the account you debit it and to decrease it (when a payment is made by the customer) you credit it.Assets = debit balance (increase with debit, decrease with credit)Liabilities and Owners Equity = credit balance (increase with a credit, decrease with a debit)(GAAP)
Accounts receivable is an asset of company and like all other assets accounts accounts receivable also has debit balance.
Accounts receivable has a debt balance as normal accounting balance because it is an asset of company.
Notes Payable is a liability, so it would normally have a credit balance. Accounts Receivable is an asset which would normally have a debit balance.
Revenue is always credit as all revenue accounts has credit balance as normal balance and cash received or accounts receivable is debit against it.
Interest payable is liability account and have a credit balance as a normal balance.
All earnings and revenues has credit balance as normal balance so interest earned also has credit balance as default normal balance.