Requirement 1. Journalize the adjusting entry needed on December 31, 2020, the end of the current accounting period, for each of the following independent cases affecting Tiger Corp. Include an explanation for each entry. (Record debits first, then credits. Enter explanations on the last line.)

c. Tiger has a note receivable. During the current year, the company has earned accrued interest revenue of $480 that it will receive next year.

Record the earning of interest on the note receivable.