Question
DeKalb Company made a loan of $6,000 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate
DeKalb Company made a loan of $6,000 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest. Which of the following journal entriescould be used to recognize accrued interest in Year 2?
Account Titles Debit Credit Interest Receivable 270 Interest Revenue 270
Account Titles Debit Credit Interest Revenue 270 Interest Receivable 270
Account Titles Debit Credit Interest Receivable 90 Interest Revenue 90
Account Titles Debit Credit Interest Revenue 90 Interest Receivable 90
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Financial Accounting The Impact On Decision Makers
Authors: Gary A. Porter, Curtis L. Norton
6th Edition
0324655231, 978-0324655230
