At the end of the year, the following interest is earned, but not yet received Record the adjusting entry in a general journal. Interest on $6,000, 60-day, 11% note for 24 days $44.00 Interest on $9,000, 90-day, 12% note for 12 days 36.00 $80.00
A trial balance example showing a credit balance for the same is provided below. When a business has excess funds, it invests these funds by depositing them in the bank rather than keeping the money idle because banks provide interest on the money deposited. When the business deposits its funds in the bank they receive […]
