Is interest received debit or credit in trial balance?

Is interest received debit or credit in trial balance?

The interest on capital is on credit side of a trial balance as it is a liability from the point of view of company or enterprise and it comes in the liabilities side of a balance sheet. Although it is an income for owner so it is credited in his account.

Where do you record interest received?

To record the accrued interest over an accounting period, debit your Accrued Interest Receivable account and credit your Interest Revenue account. This increases your receivable and revenue accounts.

Is interest received an asset or income?

As long as it can be reasonably expected to be paid within a year, interest receivable is generally recorded as a current asset on the balance sheet.

What is interest received?

An amount received for the use of money that is to be repaid in full at a specified time or on demand.

Is interest received an income?

Interest income is usually taxable income and is presented in the income statement for the simple reason that it is an income account.