Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 24 - No. 45)
A company receives a bank statement showing $200 interest earned. How should the company record this in its cash book?
Debit Cash, Credit Interest Revenue
Debit Interest Expense, Credit Cash
Debit Cash, Credit Interest Expense
Debit Interest Revenue, Credit Cash
Explanation
The company has more cash, and has earned some revenue.
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