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Harper Company lends Hewell Company $10,800 on March 1, accepting a four-month, 6% interest note. Harper Company prepares financial statements on March 31. What adjusting entry should be made before the financial statements can be prepared? a. Cash   54       Interest Revenue     54 b. Interest Receivable   216          Interest Revenue     216 c. Interest Receivable   54          Interest Revenue     54 d. Note Receivable   10,800         Cash     10,800

Harper Company lends Hewell Company $10,800 on March 1, accepting a four-month, 6% interest note. Harper Company prepares financial statements on March 31. What adjusting entry should be made before the financial statements can be prepared? a. Cash   54       Interest Revenue     54 b. Interest Receivable   216          Interest Revenue     216 c. Interest Receivable   54          Interest Revenue     54 d. Note Receivable   10,800         Cash     10,800

FINANCIAL ACCOUNTING
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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  1. Harper Company lends Hewell Company $10,800 on March 1, accepting a four-month, 6% interest note. Harper Company prepares financial statements on March 31. What adjusting entry should be made before the financial statements can be prepared?

    a.
    Cash   54  
        Interest Revenue     54
    b.
    Interest Receivable   216  
           Interest Revenue     216
    c.
    Interest Receivable   54  
           Interest Revenue     54
    d.
    Note Receivable   10,800  
          Cash     10,800
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