Journal Entry for Accrued Income. Likewise the company needs to make the journal entries for the investment in bonds to account for various transactions such as the purchase of the bond interest accrued etc. Adjusting Entries Double Entry Bookkeeping Accounting Notes Accrual Accounting Accounting Student Anonymous w related to ABC TRADERS as at 31 January 2020. . This journal entry allows the company to record the interest expense for the period from 1st July to 15th July by debiting the interest expense account. As the income has been earned but not received it needs to be accrued for in the month end accounts. In Jareds situation he pays around US1000 every month in utilities. A business earns interest on its money deposits of 1000 but does receive the amount into its bank account until after the month end. After end of accounting year on 31 Marches 2021We have to adjust the accrued interest and debit our bank accounts a