Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 19 - No. 45)
What is the journal entry for bank interest?
Debit Bank, Credit Interest Expense
Debit Interest Expense, Credit Bank
Debit Bank, Credit Cash
Debit Cash, Credit Interest Expense
Explanation
Interest expense is debited to reflect an expense and bank is credited, the balance goes down.
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