Debit interest receivable, Credit cash is the correct double entry to record the receipt of interest from the bank.
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Q16: Debit trade receivables, Credit sales, Credit VAT
Q17: In November, Pia Limited's gross wages and
Q18: In April, Gina received credit notes from
Q19: Debit VAT account, Credit cash is the
Q20: In June, Hitesh Limited received cash from
Q22: During January, Meera Limited makes credit purchases
Q23: In September, Hamza Limited makes cash sales
Q24: When cash is paid to settle the
Q25: In March, Imtiaz Limited made payments of
Q26: Yu Limited records a VAT inclusive figure
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