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Butte Co. loaned $50,000 to Beavis Co. on June 1, at 6% interest for three months. Interest is due the first of each month, commencing
Butte Co. loaned $50,000 to Beavis Co. on June 1, at 6% interest for three months. Interest is due the first of each month, commencing July 1. Butte Co's year end is June 30. What entry will Butte Co. make when it receives the interest on July 1 O Cash 250 Interest Receivable 250 Cash 250 Interest Income 250 Cash 750 Interest Receivable 750 interest Receivable Interest income 250 250
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
