Question
Currie Company lends Tam Company $20,000 on April 1, accepting a 4-month, 9% interest note. Currie Company prepares financial statements on April 30. What adjusting
Currie Company lends Tam Company $20,000 on April 1, accepting a 4-month, 9% interest note. Currie Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared?
Question 47 options:
a. Note Receivable ........................20,000
Cash ...............................20,000
b. Interest Receivable ....................150
Interest Revenue ...................150
c. Cash ...................................150
Interest Revenue ...................150
d. Interest Receivable ....................600
Interest Revenue ...................600
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