Question
11) Cheyenne Corp. lends Dobson industries $44400 on August 1, 2017, accepting a 9-month, 6% interest note. If Cheyenne Corp. prepares its financial statements as
11)
Cheyenne Corp. lends Dobson industries $44400 on August 1, 2017, accepting a 9-month, 6% interest note. If Cheyenne Corp. prepares its financial statements as of December 31, 2017, what adjusting entry must it make?
A) Accounts Receivable
1110
Interest Receivable
1110
B) Cash
1110
Interest Revenue
1110
C) Interest Receivable
1110
Interest Revenue
1110
D) Notes Receivable
1110
Interest Revenue
1110
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
