Freshly Co.purchased an investment security on September 1 that will pay $1,200 interest on November 30.Which of the following adjusting entries would be made on September 30?
A) Debit Interest Receivable and credit Interest Revenue for $1,200.
B) Debit Interest Revenue and credit Interest Receivable for $400.
C) Debit Interest Receivable and credit Interest Revenue for $400.
D) Debit Interest Revenue and credit Interest Receivable for $1,200.
Correct Answer:
Verified
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