journal entry worksheet\n1 2\nprepare an adjusting entry to record the accrued interest on the lee…

journal entry worksheet\n1 2\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 interest receivable\ninterest receivable\nrecord entry clear view general journal

journal entry worksheet\n1 2\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 interest receivable\ninterest receivable\nrecord entry clear view general journal

Answer

Explanation:

Step1: Identify the accounts involved

The interest that has been earned but not yet received is an asset (Interest receivable) and the income from the interest is Interest revenue.

Step2: Determine the debit - credit

We debit the asset account (Interest receivable) to increase it and credit the revenue account (Interest revenue) to recognize the income.

Answer:

Date General Journal Debit Credit
December 31 Interest receivable [Amount of accrued interest]
December 31 Interest revenue [Amount of accrued interest]