1. ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST INCOME1 3 2
1. Debit Interest Receivable.
2. Credit Interest Income.
3. Record the adjusting entry.
Lesson 24-1, page 616

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

3. REVERSING ENTRY FOR ACCRUED INTEREST INCOME1 2 3
1. Write the heading.
2. Debit Interest Income.
3. Credit Interest Receivable.
Lesson 24-1, page 618

4. COLLECTING A NOTE RECEIVABLE ISSUED IN A PREVIOUS FISCAL PERIOD1 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

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