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The unadjusted trial balance shows the following accounts with zero or normal balances on 12/31/2021: Prepaid Rent -0- Supplies 1,300 Note Receivable 10,000 Interest
The unadjusted trial balance shows the following accounts with zero or normal balances on 12/31/2021: Prepaid Rent -0- Supplies 1,300 Note Receivable 10,000 Interest receivable -0- Rent Expense 2,400 Supplies Expense -0- Interest Expense -0- Company loaned money on 12/1/2021 at 6% interest, due in 6 months. If the company did reversing entries, which would be part of the entry made on 5/1/2022 when company collected the interest? Credit Interest Revenue 300 Debit Cash 250 Credit Interest Revenue 250 Credit Cash 300
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