A loan of 30,000 at 6% interest per year was given to a member of staff in
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A loan of £30,000 at 6% interest per year was given to a member of staff in the previous year. No interest has been received during the year. The accounting entries for accruing interest income are:
(a) Debit Cash account and credit Interest earning account
(b) Debit Staff loan account and credit Interest earnings account
(c) Debit Interest receivable account and credit Interest earnings account
(d) Debit Interest receivable account and credit Staff loan account
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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