You have to up your accounting game to include making a Notes Receivable, Interest Receivable and Interest Revenue journal entry ... This is a holdover from the pre-computer days when 360 was ...

A closing entry is a journal entry made at the end of an accounting ... Temporary accounts include revenue, expenses, and dividends. These accounts must be closed at the end of the accounting ...

Small-business owners who prepare financial statements in accordance with generally accepted accounting principles, or GAAP, report interest and other types of revenue under the accrual method.