Multiple Choice
Benson Company calculates it has earned (but not yet collected or recorded) interest of $525 at December 31 on outstanding notes receivable.
How should Benson record this on December 31?
A) Interest Receivable 525
Interest Payable 525
B) Interest Receivable 525
Interest Income 525
C) Interest Payable 525
Interest Income 525
D) Interest Income 525
Interest Receivable 525
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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