Need correct answer? XYZ Company received a 4-month, 6% per year, $2,000 notereceivable on November 15. The adjusting entry on December31 will include:a. a debit to Interest Receivable of $15b. a credit to Interest Revenue of $20c. a debit to Interest Receivable of $20d. a credit to Interest Receivable of $15

The question pertains to the entry required at year end to recognize the accrued interest on the…

Answered: XYZ Company received a 4-month, 6% per…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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XYZ Company received a 4-month, 6% per year, $2,000 note receivable on November 15. The adjusting entry on December 31 will include: a. a debit to Interest Receivable of $15 b. a credit to Interest Revenue of $20 c. a debit to Interest Receivable of $20 d. a credit to Interest Receivable of $15