October 30, 2016 admin

Interest Income

Adjustments to Income

INTEREST INCOME	ADDITIONS TO INCOME ACCOUNT
	9150

ACCOUNT EXPLANATION
TRANSACTIONS
COMMENTS

ACCOUNT EXPLANATION

Interest income from marketable securities, receivables and investments.

TRANSACTIONS

					Jrnl.	Dr.	Cr.

	Accrual of interest on customer’s note				SE
		Accounts Receivable—Other				1130
			Interest Income				9150

COMMENTS

Income from the sale of new and used vehicle finance contracts should be recorded in Account 5000, Finance Income—New, and Account 5100, Finance Income—Used, respectively; (or, for Lincoln-Mercury dealers, 4900 and 4950 respectively).