Lori's Catering Company follows the revenue recognition principle. A client places an order on May 1st. This client has credit terms with Lori. Lori caters the client's luncheon on May 12th. The client mails the payment to Lori on May 18th. Lori receives the check in the mail on May 20th. When should Lori show that the revenue was recognized? O May 12th O May 1st O May 18th O May 20th Meader Company borrowed $40,000 from the bank signing a 5%, one year note on October 1, 2015. Principal and interest are payable to the bank on October 1, 2016. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on October 31, would be: debit Interest Expense, $167; credit Interest Payable, $167. debit Interest Expense, $2,000; credit Interest Payable, $2,000. debit Note Payable, $2.000; credit Cash, $2,000. O No adjusting entry is needed