White Resources determines that it has not yet recorded the 2013 accrual for interest revenue to be received in 2014.Assuming the amount to be recorded for 2013 is $4,000, the required adjustment at December 31, 2013 is
A) debit Interest Receivable and credit Interest Revenue $4,000.
B) debit Interest Revenue and credit Interest Receivable $4,000.
C) debit Interest Payable and credit Interest Revenue $4,000.
D) Silly question: no adjusting entry is required.
Correct Answer:
Verified
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