Assume That the $2,000,90-Day,8 Percent Note Was Received on August

Multiple Choice

Assume that the $2,000,90-day,8 percent note was received on August 31 and that the fiscal year ended on September 30.The adjusting entry that would be made to record the interest receivable is (amounts rounded to nearest dollar) :

A) Interest Receivable 13 Interest Income 13
B) Notes Receivable 13 Interest Income 13
C) Accounts Receivable 39 Cash 39
D) Interest Income 39 Accounts Receivable 39