Multiple Choice
On November 1,2015,Lendem,Inc.loaned an employee $100,000 at 6% with both the interest and principal due in one year.The adjusting entry to record the interest earned but not received as of December 31,2015 includes a:
A) debit to Interest Receivable of $6,000
B) debit to Interest Payable of $6,000
C) debit to Cash of $5,000
D) debit to Interest Receivable of $1,000
E) debit to Interest Revenue of $1,000
Correct Answer:
Verified
Correct Answer:
Verified
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