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