On December 1,2016,a firm accepted a 6-month,12 percent note for $5,000 from a customer.The adjusting entry on December 31 to record the interest earned on the note is:
A) a debit to Interest Receivable for $600 and a credit to Interest Income for $600.
B) a debit to Interest Income for $600 and a credit to Interest Receivable for $600.
C) a debit to Interest Receivable for $60 and a credit to Interest Income for $60.
D) a debit to Interest Receivable for $300 and a credit to Interest Income for $300.
Correct Answer:
Verified
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