Question: Could you please explain why its not to debit the interest receivable account and a credit to the interest income account? The closing journal entry

Could you please explain why its not to debit the interest

Could you please explain why its not to debit the interest receivable account and a credit to the interest income account?

The closing journal entry for interest received is: Select one: a. Debit Trading and credit Profit & Loss b. Debit Interest Received and credit Trading c. Debit Interest Received and credit Profit & Loss d. Debit Profit & Loss and credit Interest Received

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