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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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