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marysya [2.9K]
3 years ago
8

The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entr

y of the account names and dollar amounts.
Business
1 answer:
ehidna [41]3 years ago
7 0

Answer:

Given that,

Company's bank reconciliation at June 30 included interest earned = $150

So, it must be cash must be debited and interest revenue must be credited in the accounts.

Therefore, the journal entry is as follows:

Cash A/c Dr. $150

     To Interest revenue   $150

(To record the interest revenue earned)

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Interest-on-Interest Consider a $1,500 deposit earning 4 percent interest per year for 7 years. How much total interest is earne
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<em>Interest earned </em>     =   $420

Explanation:

T<em>he total worth of the investment after the the investment period compounded at certain rate  is called the Future Value.</em>

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r- rate, FV- future value , n- period

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