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 revenue
Answer
Explanation:
Step1: Identify accounts involved
When recording accrued interest, Interest receivable (an asset account) increases and Interest revenue (a revenue account) increases.
Step2: Determine debit - credit rules
Assets increase with a debit and revenues increase with a credit. So, we debit Interest receivable and credit Interest revenue.
Answer:
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| December 31 | Interest receivable | [Amount of accrued interest] | |
| December 31 | Interest revenue | [Amount of accrued interest] |
(Note: The actual amount of accrued interest should be calculated based on the principal amount of the Lee note, the interest rate, and the time period for which the interest has accrued. Since that information is not provided in the question, we just show the general journal entry format with a placeholder for the amount.)