Question
Young Company lends Dobson industries $40,000 on August 1, 2017, accepting a 9-month, 9% interest note. If Young prepares its financial statements as of December
Young Company lends Dobson industries $40,000 on August 1, 2017, accepting a 9-month, 9% interest note. If Young prepares its financial statements as of December 31, 2017, what adjusting entry must it make?
DR Notes Receivable 1,500; CR Interest Revenue 1,500
DR Cash 1,500; CR Interest Revenue 1,500
DR Interest Receivable 1,500; CR Interest Revenue 1,500
DR Accounts Receivable 1,500; CR Interest Receivable 1,500
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Audit Committee Formation In The Aftermath Of 2007 2009 Global Financial Crisis Structure And Roles Volume 1 Financial Accounting And Auditing Collection
Authors: Zabihollah Rezaee
1st Edition
1631571567, 978-1631571565
