Tag Archives: #FinancialJournalEntry

What is the journal entry for interest paid?

Journal Entry for Interest Paid The journal entry for interest paid depends on the type of transaction and the accounting method used by the company. Generally, when a company pays interest on a loan or a debt. The following journal entry is recorded: Debit Interest Expense (Income Statement) Credit: Cash/Bank (Balance Sheet) The “Debit” entry… Read More »

What is the journal entry for tax refund?

Journal entry for tax refund When a business or individual receives a tax refund, it is important to accurately record the transaction in the accounting books. A tax refund usually arises when a taxpayer has paid more tax than was actually owed, resulting in a reimbursement from the tax authorities. Properly documenting this refund… Read More »

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