Starr Corporation loaned $90,000 to another corporation on December 1, 2022 and received a 3-month, 8% interest-bearing note with a face value of $90,000. What
Starr Corporation loaned $90,000 to another corporation on December 1, 2022 and received a 3-month, 8% interest-bearing note with a face value of $90,000. What adjusting entry should Starr make on December 31, 2022?
Group of answer choices
Debit Interest Receivable and credit Interest Revenue, $1,800.
Debit Cash and credit Interest Revenue, $600.
Debit Interest Receivable and credit Interest Revenue, $600.
Debit Cash and credit Interest Receivable, $1,800.
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Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
111919167X, 9781119191674
