On November 1,Jovel Company loaned another company $100,000 at a 6.0% interest rate.The note receivable plus interest will not be collected until March 1 of the following year.The company's annual accounting period ends on December 31.The adjusting entry needed on December 31 is:
A)No entry required.
B)Debit Interest Expense,$5,000;credit Interest Payable,$5,000.
C)Debit Interest Expense,$1,000;credit Note Payable,$1,000.
D)Debit Interest Receivable,$500;credit Interest Revenue,$500.
E)Debit Interest Receivable,$1,000;credit Interest Revenue,$1,000.

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The Answer of On November 1,Jovel Company loaned another company $100,000 at a 6.0% interest rate.The note receivable plus interest will not be collected until March 1 of the following year.The company's annual accounting period ends on December 31.The adjusting entry needed on December 31 is:
A)No entry required.
B)Debit Interest Expense,$5,000;credit Interest Payable,$5,000.
C)Debit Interest Expense,$1,000;credit Note Payable,$1,000.
D)Debit Interest Receivable,$500;credit Interest Revenue,$500.
E)Debit Interest Receivable,$1,000;credit Interest Revenue,$1,000.

On November 1,Jovel Company Loaned Another Company $100,000 at a 6.0