Deere Company holds a $4800 note receivable dated July 1, 2015, with 10% interest. What adjusting entry is needed on December 31, 2015?
A) No entry is needed.
B) Debit Interest Receivable for $48 and credit Interest Revenue for $48
C) Debit Interest Receivable for $240 and credit Interest Revenue for $240
D) Debit Interest Receivable for $480 and credit Interest Revenue for $480
C
Explanation: C) $4800 × 10% × 1/2 = $240
Business
You might also like to view...
Customers are coming to expect more personalized self-service solutions available online
Indicate whether the statement is true or false
Business
Which of the following is a recognized disadvantage of an LLC?
A) State statutes are not uniform. B) Members are not personally liable for the LLC's debts and obligations. C) The LLC has continuity beyond the death of a member or members. D) The LLC can include foreign investors.
Business