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The earned interest on deposit is a credit or debit entry and against what should be done?
Wiki User
∙ 11y ago
credit
Wiki User
∙ 11y ago
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What is not a considered a debit?
direct deposit
How do you make journal entries on provision on interest on fixed deposit?
To make a journal entry for provision on interest on fixed deposit, you would debit the Provision for Interest on Fixed Deposit account to recognize the expense and credit the Interest Income account to reduce the income earned on the fixed deposit. This adjustment ensures that the financial statements reflect the estimated liability for future interest payments accurately.
Is interest earned a debit or credit?
All earnings and revenues has credit balance as normal balance so interest earned also has credit balance as default normal balance.
Where could a person find the interest rates for certificates of deposit?
A person could the interest rates for certificates of deposit by using an interest rate calculator where the amount of the deposit is entered into an equation and the end result will be how much interest will be earned for the term you want.
Calculation of interests on various deposits in bank with examples?
Lets say you are going to deposit $1000 in your bank for one year. a. Savings account - 1% rate of interest - Interest earned = $10 b. Certificate of Deposit - 4% rate of interest - Interest earned = $40 checking account has little or 0% interest so I havent used it here.
Why would your broker have you filed a 1099?
Gains from a sale, or interest earned on a deposit are income, and must be reported.
What type of interest is interest paid on the amount of your original deposit plus on any interest that you have earned previously on the money in an account?
it is any interest after the first compounding there isn't a special name for it...
What is the journal entry for interest earned on marketable securities but not received?
[Debit] Interest receivable on marketable securities [Credit] interest earning on marketable securities
When the amount earned on a deposit has become part of the principal at the end of a specified time period the concept is called?
compoind interest
What is the highest interest for a savings account at a Credit Union?
Credit Union have a savings plan where the amount of interest earned is dependant on the amount of money being saved. Further information can be found on the Credit Union website.
How much interest is earned in 9 months on a deposit of 7000 at 8 percent simple interest?
70 x 8 x 3/4 ie 420
When the amount earned on a deposit has become part of the principal at the end of a specified time period the concept is called Answer discount interest compound interest primary interest?
If the interest is reinvested and so itself gains interest (in the next interest period) it is compound interest.
