Question

thornton company faced the following situations. view the situations. requirement 1. journalize the adjusting entry needed at december 31, 2023, for each situation. consider each fact separat explanations from any journal entries.) a. the business has interest expense of $3,800 that it must pay early in january 2024. accounts debit credit a. interest expense 3,800 interest payable 3,800 b. interest revenue of $4,300 has been earned but not yet received. accounts debit credit b.

Explanation:

Step1: Identify the accounts for interest revenue

Since interest revenue has been earned but not received, we need to debit an asset account (Interest Receivable) and credit the Interest Revenue account.

Step2: Determine the amounts

The amount of interest revenue earned is $4,300, so we will debit Interest Receivable and credit Interest Revenue for $4,300 each.

Answer:

Accounts	Debit	Credit
Interest Revenue		4,300