Question
Skysong, Inc. lends Sheridan Company $40800 on April 1, accepting a four-month, 12% interest note. Skysong, Inc. prepares financial statements on April 30. What adjusting
Skysong, Inc. lends Sheridan Company $40800 on April 1, accepting a four-month, 12% interest note. Skysong, Inc. prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared?
a.
| Interest Receivable | 1224 |
| |
|
| Interest Revenue |
| 1224 |
b.
| Cash | 408 |
| |
|
| Interest Revenue |
| 408 |
c.
| Note Receivable | 40800 |
| |
|
| Cash |
| 40800 |
d.
| Interest Receivable | 408 |
| |
|
| Interest Revenue |
| 408 |
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Financial Accounting A Management Perspective
Authors: Nelson Macwan
1st Edition
6206142191, 978-6206142195
