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Interest Received!
joshuadiasnz
Feb 28, 2007, 12:54 AM
Hey,
Do you know what interest received is? Is it an expense, income or liability?
CaptainForest
Feb 28, 2007, 02:36 AM
Interest that YOU receive is REVENUE.
It is something that you EARNED.
So therefore, it is revenue, aka income
The JE would be:
Dr. Cash
Cr. Interest Revenue