XYZ Company lends KLM Company $60,000 on April 1, accepting a three month, 9% interest note. XYZ Company prepares financial statements on April 30. What adjusting entry should be made ? * Debit Note Receivable and credit cash for 60,000 Debit Interest Receivable and credit Interest Revenue for 450 O Debit cash and credit Interest Revenue for 540 O Debit Interest Receivable and credit Interest Revenue for 1,350 Other:
XYZ Company lends KLM Company $60,000 on April 1, accepting a three month, 9% interest note. XYZ Company prepares financial statements on April 30. What adjusting entry should be made ? * Debit Note Receivable and credit cash for 60,000 Debit Interest Receivable and credit Interest Revenue for 450 O Debit cash and credit Interest Revenue for 540 O Debit Interest Receivable and credit Interest Revenue for 1,350 Other:
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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![XYZ Company lends KLM Company $60,000 on April 1, accepting a three-
month, 9% interest note. XYZ Company prepares financial statements on
April 30. What adjusting entry should be made ? *
Debit Note Receivable and credit cash for 60,000
Debit Interest Receivable and credit Interest Revenue for 450
Debit cash and credit Interest Revenue for 540
Debit Interest Receivable and credit Interest Revenue for 1,350
O other:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F73b02aaa-d76e-4a33-bcc3-01368fa041ed%2F84d01b3f-5f17-426f-9608-55222c0bf494%2Ffuzmeka_processed.jpeg&w=3840&q=75)
Transcribed Image Text:XYZ Company lends KLM Company $60,000 on April 1, accepting a three-
month, 9% interest note. XYZ Company prepares financial statements on
April 30. What adjusting entry should be made ? *
Debit Note Receivable and credit cash for 60,000
Debit Interest Receivable and credit Interest Revenue for 450
Debit cash and credit Interest Revenue for 540
Debit Interest Receivable and credit Interest Revenue for 1,350
O other:
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