Accountancy, asked by kaviyamurugesan16042, 5 hours ago

interest received journal entry

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Answered by vishwa11747

Answer:

When the actual interest payment is received, the entry is a debit to the cash account and a credit to the interest receivable account, thereby eliminating the balance in the interest receivable account. ... A company may charge interest on an invoice that is overdue for payment.

Explanation:

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