Interest on Loans Given

Code: 4212
👁 Views: 39

Account Information

Account Type Income Statement
Normal Balance Credit

Definition

Interest earned from loans granted to other parties

Common Journal Entries

Accrue interest on loan given

Dr. Interest on Loans Given
Cr. Interest Income

Collect interest on loan given

Dr. Bank Account
Cr. Interest on Loans Given

Adjust loan interest after restructuring

Dr. Interest on Loans Given
Cr. Interest Income

Write off uncollectible loan interest

Dr. Bad Debt Expense
Cr. Interest on Loans Given

Accrue interest on loan given

Dr. Interest on Loans Given
Cr. Interest Income

Collect interest on loan given

Dr. Bank Account
Cr. Interest on Loans Given

Adjust loan interest after restructuring

Dr. Interest on Loans Given
Cr. Interest Income

Write off uncollectible loan interest

Dr. Bad Debt Expense
Cr. Interest on Loans Given