Question
QUESTION 28 Starr Corporation loaned $600,000 to another corporation on December 1, 2020 and received a 3-month, 8% interest-bearing note with a face value of
QUESTION 28 Starr Corporation loaned $600,000 to another corporation on December 1, 2020 and received a 3-month, 8% interest-bearing note with a face value of $600,000. What adjusting entry should Starr make on December 31, 2020? Debit Interest Receivable and credit Interest Revenue, $12,000. Debit Cash and credit Interest Revenue, $4,000. Debit Interest Receivable and credit Interest Revenue, $4,000. Debit Cash and credit Interest Receivable, $12,000.
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
