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Harper Company lends Hewell Company $40,800 on March 1, accepting a four-month, 5% interest note. Harper Company prepares financial statements on March 31. What adjusting
Harper Company lends Hewell Company $40,800 on March 1, accepting a four-month, 5% interest note. Harper Company prepares financial statements on March 31. What adjusting entry should be made before the financial statements can be prepared?
a. Cash 170 Interest Revenue 170 b. Interest Receivable 680 Interest Revenue 680 c. Interest Receivable 170 Interest Revenue 170 d. Note Receivable 40,800 Cash 40,800
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