Lemming makes an $18,750,120-day,8% cash loan to Notions Co.on November 2.Lemming's end-of-period adjusting entry on December 31 should be:
A) Debit Cash for $250;credit Notes Receivable $250.
B) Debit Interest Revenue $500;credit Notes Receivable $500.
C) Debit Interest Receivable $250;credit Interest Revenue $250.
D) Debit Interest Receivable $500;credit Interest Revenue $500.
E) Debit Notes Receivable $500;credit Interest Revenue $500.
Correct Answer:
Verified
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