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Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be:
Dr Cash
Cr Interest income
If the income was not yet received but will be at a later date, the entry would be:
Dr Interest receivable
Cr Interest income
In either case, the Interest income account would be credited.
What else can I help you with?
What is the journal entry to record accrued interest on a mortgage?
(debit) interest income (credit) (debit) interest income (credit)
What is the journal entry for interest on credit?
debit interest receivablecredit interest income
What is the journal entry for interest receivable?
[Debit] Interest Receivable [Credit] Interest Income
Journal entry for unearned interest income?
[Debit] Cash / bank [Credit] Unearned Interest Income
Does interest revenue have a normal debit balance?
No, Interest Revenue is income and would normally have a credit balance.
What is the journal entry to record accrued interest on a mortgage?
(debit) interest income (credit) (debit) interest income (credit)
What is the journal entry for interest on credit?
debit interest receivablecredit interest income
What is the journal entry for accrued interest expense on Notes Payable?
debit interest expense, credit interest payable for the accrued amount
What is the journal entry for interest receivable?
[Debit] Interest Receivable [Credit] Interest Income
Journal entry for unearned interest income?
[Debit] Cash / bank [Credit] Unearned Interest Income
What is the journal entry to record accrued interest income from note receivable?
[Debit] Accrued interest income [Credit] Notes payable
Does interest revenue have a normal debit balance?
No, Interest Revenue is income and would normally have a credit balance.
Is net income a debit or credit?
does net income have a normal debit or credit balance
Does interest payable a debit or credit?
Interest payable is debit.
Is interest debit or credit?
debit
Is wages due debit or credit?
wages is expense and expense is debit salary is income and income is credit
Is interest receivable debit or credit?
debit
