Sheridan Company lends Marigold Company $48000 on January 1 and, accepts a 4-month, 3% promissory note in exchange. Sheridan Company prepares financial statements on January 31. What adjusting entry should be made before preparing the financial statements? Interest Receivable Interest Revenue Cash Interest Revenue Notes Receivable-Marigold Company Cash Interest Receivable Interest Revenue 480 120 48000 120 480 120 48000 120

Sheridan Company lends Marigold Company $48000 on January 1 and, accepts a 4-month, 3% promissory note in exchange. Sheridan Company prepares financial statements on January 31. What adjusting entry should be made before preparing the financial statements? Interest Receivable Interest Revenue Cash Interest Revenue Notes Receivable-Marigold Company Cash Interest Receivable Interest Revenue 480 120 48000 120 480 120 48000 120

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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