The given statement is true, that the journal entry to record interest that has been earned but not yet received includes a debit to interest receivable and a credit to interest income.
A journal entry is defined as a record of a business transaction that is kept in the books. Every transaction requires at least two journal entries in double-entry bookkeeping.
Because a transaction can cause numerous changes in a business, a bookkeeper keeps track of all of them with journal entries.
Therefore, a debit to interest receivable and a credit to interest income are included in the journal entry to record interest earned but not yet received.
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