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On September 1, Nautilus Corporation made a loan to Cybex, resulting in a 10%, 5-month note receivable in the amount of $900,000. Nautilus's December 31
On September 1, Nautilus Corporation made a loan to Cybex, resulting in a 10%, 5-month note receivable in the amount of $900,000. Nautilus's December 31 adjusting entry to record the interest revenue earned since September 1 will be: Debit Interest Expense $90,000 and credit Interest Payable $90,000 Debit Interest Receivable $90,000 and credit Interest Revenue $90,000 Debit Interest Expense $30,000 and credit Interest Payable $30,000 Debit Interest Receivable $30,000 and credit Interest Revenue $30,000
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