If i Charge J.Jones 50 (whatever currency) on his overdue account- Which journal/s do i enter it into??
PLEASE HELP
2007-08-29 23:39:53 · 4 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Charge J.Jones $50 on his overdue account. Your entries are:
Dr Overdue a/c interest receivable $50 (asset in balance sheet)
Cr Overdue a/c interest income $50 (revenue in income statement)
2007-08-29 23:46:54 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
If u are not in the business of lending money, & u are
charging him interest:
DR J.Jones $50
CR Other Income $50
2007-08-30 07:01:21 · answer #2 · answered by etprn 2 · 1⤊ 0⤋
Dr interest 50
Cr j Jones 50
being interest receivable
2007-08-30 07:10:54 · answer #3 · answered by tin 2 · 0⤊ 0⤋
I'm pretty sure it would be entered in the sales journal because it's income.
Cash or accrual basis?
2007-08-30 06:49:03 · answer #4 · answered by WilmaF 5 · 0⤊ 1⤋