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journal entry to manually add interest to the bank account and the interest account/. Which account is debited and which is credited
Dr. Interest Receivable
Cr. Interest Revenue
When cash is received:
Dr. Bank Account
Cr. Interest Receivable
If you're using cash accounting, interest revenue is only recorded when cash is received. Use the following journal entry:
Cr. Interest revenue
You are describing a Deposit. You don't need to use debit-credit. Enter this as a deposit to Checking, and show that it is Interest income earned.
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