Your business purchased a certificate of deposit on April 1 that will pay $90 interest three months from that date.On April 30,which of the following adjusting entries would be made?
A) Debit Interest Receivable for $90;credit Interest Revenue for $90.
B) Debit Interest Revenue for $30;credit Interest Receivable for $30.
C) Debit Interest Receivable for $30;credit Interest Revenue for $30.
D) Debit Interest Revenue for $90;credit Interest Receivable for $90.
Correct Answer:
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