How can I do an horizontal model or a entry to record the interest earned by X during [Archive]

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s20252025

Sep 27, 2010, 07:39 PM

Agrico inc accepted a 10 month, 13.8%(annual rate), $4500 note from one of its customers in June 15, interest is payable with the principal at maturity.

How can I write an entry to record the interest earned by Agrico during its fiscal year?

pready

Sep 28, 2010, 10:07 AM

Debit Interest Receivable for the amount of interest earned
Credit Interest Revenue for the amount of interest earned