Multiple Choice
Deere Company holds a $14,400 note receivable dated July 1,2019,with 10% interest.What adjusting entry is needed on December 31,2019?
A) No entry is needed.
B) Debit Interest Receivable for $144 and credit Interest Revenue for $144
C) Debit Interest Receivable for $720 and credit Interest Revenue for $720
D) Debit Interest Receivable for $1,440 and credit Interest Revenue for $1,440
Correct Answer:
Verified
Correct Answer:
Verified
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