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-   -   If a client paid 13300 for interest in advance, would I journal cash 13300 unearned? (https://www.askmehelpdesk.com/showthread.php?t=603030)

  • Oct 11, 2011, 06:44 PM
    Imhiding
    If a client paid 13300 for interest in advance, would I journal cash 13300 unearned?
    If a client paid 13300 for interest in advance, would I journal cash -debit & 13300 unearned interest revenue- credit?
    For the adjusting entry, would I journal Interest receivable debit & 3325 & interest revenue - credit because the person paid 13300 for one year, but must be recorded in an adjusting entry because it is at the end of the year so I would have to record partial.

    Thanks

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