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Lemming makes an $18,750, 120-day, 8% cash loan to Notions Company on November 1. Lemming's end-of-period adjusting entry on December 31 should be: Multiple Choice

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Lemming makes an $18,750, 120-day, 8% cash loan to Notions Company on November 1. Lemming's end-of-period adjusting entry on December 31 should be: Multiple Choice Debit Cash for $250 credit Notes Receivable $250. Debit Interest Revenue $500; credit Notes Receivable $500. O Debit Interest Receivable $250, credit Interest Revenue $250. Debit interest Receivable $500, credit Interest Revenue $500. Debit Notes Receivable $500, credit Interest Revenue $500

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