Young Company lends Dobson Industries $30,000 on August 1, 201X, accepting a 9-m

Question

Young Company lends Dobson Industries $30,000 on August 1, 201X, accepting a 9-month, 12% interest note. If Young prepares it financial statement as of December 31, 201X, what adjusting entry must it make?

Question 1 options:

Interest Receivable................1,500

............Interest Revenue......................1,500

Cash..................................1,500

............Interest Revenue.......................1,500

Accounts Receivable..............1,500

.............Interest Receivable....................1,500

Notes Receivable..................1,500

.............Interest Revenue.......................1,500

Interest Receivable................1,500

............Interest Revenue......................1,500

Cash..................................1,500

............Interest Revenue.......................1,500

Accounts Receivable..............1,500

.............Interest Receivable....................1,500

Notes Receivable..................1,500

.............Interest Revenue.......................1,500

Explanation / Answer

Note 30000 Interest Rate 12% Term 5 Interest for 5 Mnths 1500 Entry : Interest Receivable 1,500.00    To Interest Income 1,500.00

Related Questions

Navigate

• Browse (All)
• Browse Y
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.