Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 43 - No. 17)
Which of the following accounts is affected by the adjusting entry for accrued interest revenue?
Interest Receivable
Interest Payable
Interest Revenue
Interest Expense
Explanation
Accrued interest revenue leads to an increase in an asset (interest receivable) and an increase in revenue on the income statement.
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