Interest received appears on the bank statement but has not been recorded in the cash book. What entry is needed?

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Question

Interest received appears on the bank statement but has not been recorded in the cash book. What entry is needed?

Accepted Answer

Debit the cash book with the interest, increasing the bank balance — Award 1 mark. Items the bank has processed but the business has not recorded must be entered in the cash book before the reconciliation is prepared.

Answer

No entry is needed, because the bank has already recorded it

Answer

Debit the cash book with the interest, increasing the bank balance

Answer

Show it only in the reconciliation statement

Answer

Credit the cash book with the interest, reducing the bank balance

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