If the bank reconciliation includes interest revenue,a journal entry is required that debits Cash and credits Interest revenue.

Question

Quizplus · Accepted Answer

This is because the bank reconciliation process involves reconciling the balance in the company's bank account, which includes any interest earned on the account. To correctly reflect this revenue in the company's accounting records, a journal entry should be made debiting Cash and crediting Interest revenue.

If the Bank Reconciliation Includes Interest Revenue,a Journal Entry Is