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On October 31, 2020, Kiwi Inc. lent $63,000 to Plum Inc. in return for a three-month, 4% interest-bearing note. What adjusting entry should Kiwi Inc.
On October 31, 2020, Kiwi Inc. lent $63,000 to Plum Inc. in return for a three-month, 4% interest-bearing note. What adjusting entry should Kiwi Inc. make on December 31, 2020, in connection with this note?
Debit Interest Receivable and credit Interest Revenue, $420.
Debit Interest Revenue and credit Interest Receivable, $210.
Debit Cash and credit Interest Revenue, $420.
Debit Interest Receivable and credit Interest Revenue, $630.
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