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Texaco Oil Company issues its own credit cards. Assume that Texaco charges you $40 interest on an unpaid balance. Prepare the journal entry that Texaco makes to record this revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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Answer:

Dr Accounts Receivable$40

Cr Interest Revenue$40

Explanation:

Preparation of the journal entry that Texaco makes to record this revenue

Based on the information given we were told that the Company issues its own credit cards which means that if the company charges you the amount of $40 as interest on an unpaid balance the journal entry that Texaco will makes to record this revenue will be :

Dr Accounts Receivable$40

Cr Interest Revenue$40

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