For the current year, Bubbles Office Supply had eamed $600 of interest on investments. As of December 31, none of this interest had been received or recorded Demonstrate the required half of the adjusting entry by choosing the correct statement below. O Debt Cash for $600. O Debit Interest receivable for $600. O Debit Interest revenue for $600. O Credit interest receivable for $600

For the current year, Bubbles Office Supply had eamed $600 of interest on investments. As of December 31, none of this interest had been received or recorded Demonstrate the required half of the adjusting entry by choosing the correct statement below. O Debt Cash for $600. O Debit Interest receivable for $600. O Debit Interest revenue for $600. O Credit interest receivable for $600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lion Company accepted a $15,000, 30-day, 6% note on December 16 from Diaz Co, granting a time extension on his past-due account receivable. The adjusting entry on December 31 for Lion Company would include a credit to: Interest Receivable for $37.50. Interest Receivable for $37.50. Interest Revenue for $37.50. Interest Receivable for $75.
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