The journal entry Pierce will record on June 30 will include a

Name: The journal entry Pierce will record on June 30 will include a
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On June 30, Pierce will receive $3,600 in interest revenue ($2,400 for June and $1,200 for July). Therefore, he will record a debit to Cash for $3,600. There is no need to record a credit to Interest Revenue or Interest Receivable since the interest revenue has already been earned and the interest receivable has already been recorded in a prior accounting period.

The Journal Entry Pierce Will Record on June 30 Will