Question

Received interest on investment

Answer 1

Answer:

Interest receivable is the amount of interest that has been earned, but which has not yet been received in cash. ... 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.

Explanation:

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Answer 2

Interest receivable is the amount of interest that has been earned, but which has not yet been received in cash. ... 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...