journal entry worksheet\nprepare an adjusting entry to record the accrued interest on the lee note.\nnote…
journal entry worksheet\nprepare an adjusting entry to record the accrued interest on the lee note.\nnote: enter debits before credits.\ndate general journal debit credit\ndecember 31
Answer
Explanation:
Step1: Identify the accounts affected
When recording accrued interest, the Interest Receivable (an asset) account is debited to recognize the amount of interest that is owed but not yet received, and the Interest Revenue account is credited to record the revenue earned. Debit: Interest Receivable Credit: Interest Revenue
Step2: Determine the amount of accrued interest
(No information is given about the amount of the Lee - note or the interest rate in the question, so we assume the amount of accrued interest is $X$ for illustration purposes). Debit Interest Receivable $X$ Credit Interest Revenue $X$
Answer:
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| December 31 | Interest Receivable | $X$ | |
| December 31 | Interest Revenue | $X$ |