Question
Young Company lends Dobson industries $30,000 on August 1, 2010, accepting a 9-month, 10% interest note. If Young prepares it financial statements as of December
Young Company lends Dobson industries $30,000 on August 1, 2010, accepting a 9-month, 10% interest note. If Young prepares it financial statements as of December 31, 2010, what adjusting entry must it make?
| a. | Interest Receivable 1,500 Interest Revenue 1,500
| |
| b. | Accounts Receivable 1,500 Interest Receivable 1,500
| |
| c. | Interest Receivable 1,250 Interest Revenue 1,250
| |
| d. | Notes Receivable 1,250 Interest Revenue 1,250
|
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Financial Accounting For Non Specialists
Authors: Catherine Gowthorpe
2nd Edition
1844802051, 978-1844802050
