On December 31,Griffin Company accrued interest revenue of $350 on a $14,000,10% note.The annual interest payment will be made on October 1.The reversing entry will include a(n) ________.
A) credit to Interest Revenue for $1,050
B) debit to Interest Revenue for $350
C) debit to Interest Receivable for $1,050
D) debit to Cash for $350
Correct Answer:
Verified
Q144: Selected transactions of Ventura Corporation are presented
Q145: New York Enterprises provides advertising services to
Q146: Carroll Company accrued interest of $250 on
Q147: Boston Corporation purchased two insurance policies during
Q149: On July 1,Madrid Corporation received $7,200 from
Q153: Powers Company accrued unpaid wages of $3,000
Q154: The December 31 financial statements of Jagger
Q172: The final step in preparing a worksheet
Q179: The first step in preparing a worksheet
Q184: Which of the following transactions would never
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents