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LESSON 21-1

LESSON 21-1. Accrued Revenue. 3. ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST INCOME. page 617. 1. 2. 1. Debit Interest Receivable. 2. Credit Interest Income. 3. Record the adjusting entry. 1. 2. POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST INCOME. page 618. 1. Post the debit.

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LESSON 21-1

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  1. LESSON 21-1 Accrued Revenue

  2. 3 ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST INCOME page 617 1 2 1. Debit Interest Receivable. 2. Credit Interest Income. 3. Record the adjusting entry. LESSON 21-1

  3. 1 2 POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST INCOME page 618 1. Post the debit. 2. Post the credit. LESSON 21-1

  4. REVERSING ENTRY FOR ACCRUED INTEREST INCOME page 619 1 2 3 1. Write the heading. 2. Debit Interest Income. 3. Credit Interest Receivable. LESSON 21-1

  5. 4 4 COLLECTING A NOTE RECEIVABLE ISSUED IN A PREVIOUS FISCAL PERIOD page 620 January 30. Received cash for the maturity value of a 90-day, 6% note: principal, $2,000.00, plus interest, $30.00; total, $2,030.00. Receipt No. 9. 1 3 2 1. Credit for the principal of the note. 2. Credit for the total interest. 3. Debit for the maturity value. 4. Post the amounts in the General columns. LESSON 21-1

  6. TERMS REVIEW page 621 • accrued revenue • intellectual property • accrued interest income • reversing entry LESSON 21-1

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