Multiple Choice
On October 31, 2020, Kiwi Inc. lent $ 63,000 to Plum Inc. in return for a three-month, 4% interest-bearing note. What adjusting entry should Kiwi Inc. make on December 31, 2020, in connection with this note?
A) Debit Interest Receivable and credit Interest Revenue, $ 630.
B) Debit Cash and credit Interest Revenue, $ 420.
C) Debit Interest Receivable and credit Interest Revenue, $ 420.
D) Debit Interest Revenue and credit Interest Receivable, $ 210.
Correct Answer:
Verified
Correct Answer:
Verified
Q32: Definitions<br>Provide clear, concise answers for the following:<br>1.
Q33: If the inventory account at the end
Q34: Which of the following statements is INCORRECT
Q35: Closing entries<br>Below is a selection of
Q36: On May 15, 2020, Croissant Corp. purchased
Q38: A trial balance<br>A) is a list of
Q39: The salary expense on the 2020 statement
Q40: Adjusting entries<br>Data relating to the balances of
Q41: Rathbone Corp. sells major household appliance
Q42: Principle Place determines that it has NOT