ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST INCOME

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Presentation transcript:

ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST INCOME 1 3 2 1. Debit Interest Receivable. 2. Credit Interest Income. 3. Record the adjusting entry. Lesson 24-1, page 616

POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST INCOME 1. Post the debit. 1 2 2. Post the credit. Lesson 24-1, page 617

REVERSING ENTRY FOR ACCRUED INTEREST INCOME 1 2 3 1. Write the heading. 2. Debit Interest Income. 3. Credit Interest Receivable. Lesson 24-1, page 618

COLLECTING A NOTE RECEIVABLE ISSUED IN A PREVIOUS FISCAL PERIOD 1 3 2 4 1. Credit for Principal 2. Credit for Total Interest 3. Debit for Maturity Value 4. Post amounts in General columns. Lesson 24-1, page 619

TERMS REVIEW accrued revenue accrued interest income reversing entry Lesson 24-1, page 620