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    s20252025's Avatar
    s20252025 Posts: 1, Reputation: 1
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    #1

    Sep 27, 2010, 07:39 PM
    how can I do an horizontal model or a entry to record the interest earned by X during
    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?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Sep 28, 2010, 10:07 AM

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