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How you record the interest depends on the situation. i.e. are they actually paying the interest along with payment of the receivable? Are you trying to accrue the interest at the end of the accounting period? If you keep in mind that all entries have to have two sides, "record interest" only gives us one side. Only the circumstances can give us the other side. Regardless it's Interest Revenue and what do you always do to revenue accounts?
As for the number of days remaining, subtract the number of days gone by from the total days of the note. If you want more detail, you have to give us more detail. |
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