Once you make the decision what kind of shooting range you want, consider whether you are the kind of person who can operate under strict federal, state and local regulations, including safety, insurance, record keeping and reporting requirements.
(A debit entry in an expense account ultimately causes the credit balance in an owner's equity capital account to decrease.) If the company incurs the $500 repair expense but does not pay cash, the company will need to increase its liabilities. The increase to a liability account is achieved with a $500 credit.
First, debit the amount of accrued interest to the interest receivable account in a journal entry. A debit increases this account, which is an asset on the balance sheet that shows the amount someone owes you. For example, assume a customer owes your small business $35 in accrued interest at the end of the period.