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Your accrual basis company holds a $48,000, 10% note receivable with interest payable annually on June 30. If your company's fiscal year ends on August
Your accrual basis company holds a $48,000, 10% note receivable with interest payable annually on June 30. If your company's fiscal year ends on August 31, what adjusting journal entry do you record?
A. Interest Receivable $4,800
Interest Revenue $4,800
B. Interest Receivable $4,400
Interest Revenue $4,400
C. Interest Receivable $480
Interest Revenue $480
D. Interest Receivable $800
Interest Revenue $800
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