Solved

ABC CorpReceived a 3-Month,at 8% Per Year,$1,500 Note Receivable on November

Question 43

Multiple Choice

ABC Corp.received a 3-month,at 8% per year,$1,500 note receivable on November 1.The adjusting entry on December 31 will include a:


A) debit to Interest Revenue of $20.
B) credit to Interest Receivable of $10.
C) credit to Interest Revenue of $120.
D) credit to Interest Revenue of $20.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q38: Assume Zap Industries reported the following adjusted

Q39: If the receivables turnover ratio rises significantly,the

Q40: At the end of the period,the manager

Q41: If your company factors its accounts receivable,it:<br>A)will

Q42: Notes receivable are typically only used when

Q44: Mills Corporation's balance sheet included the

Q45: The balance of the Allowance for Doubtful

Q46: Under the direct write-off method,the entry to

Q47: The potential advantages of extending credit to

Q48: The following information is available: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1221/.jpg"