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What gets debited and what gets credited

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Question - In System Understanding Aid: Waren issued a $15,000 ACH payment to First American Bank and Trust for partial payment on the $90,000 bank note. This includes no interest payment according to the terms stipulated that prepayments can be made early without payment penalty. For the purposes of year-end adjusting entry for accrued interest that you will be making later, assume that this payment was not received by the bank until January 3, 2021.

How do I record this transaction?

What accounts are used and what gets debited and what gets credited?

Reference no: EM132708412

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