Multiple Choice
Deere Company holds a $10,000 note receivable dated July 1,2015,with 10% interest.What adjusting entry is needed on December 31,2015?
A) No entry is needed.
B) Debit Interest Receivable for $100 and credit Interest Revenue for $100
C) Debit Interest Receivable for $500 and credit Interest Revenue for $500
D) Debit Interest Receivable for $1,000 and credit Interest Revenue for $1,000
Correct Answer:
Verified
Correct Answer:
Verified
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