Interest Receivable:
A)is an asset reported on the balance sheet.
B)is a temporary account reported on the income statement.
C)is a permanent account reported on the income statement.
D)represents the amount of interest the company has received on promissory notes.

Question

Quizplus · Accepted Answer

Interest Receivable is an asset account.Although it is a permanent account,it is reported on the balance sheet (rather than the income statement).It represents the amount of interest to be received on promissory notes.