On December 1, 2019, a firm accepted a 6-month, 12 percent note for $10,000 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 $100 and a credit to Interest Income for $100.
B) a debit to Interest Receivable for $600 and a credit to Interest Income for $600.
C) a debit to Interest Income for $100 and a credit to Interest Receivable for $100.
D) a debit to Interest Receivable for $1,200 and a credit to Interest Income for $1,200.
Correct Answer:
Verified
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A)On
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