On November 19, Hayes Company receives a $15,000, 60-day, 10% note from a customer as payment on his account. What adjusting entry should be made on the December 31 year-end?
A) Debit Interest Receivable $175; credit Interest Revenue $175.
B) Debit Interest Receivable $250; credit Interest Revenue $250.
C) Debit Interest Receivable $75; credit Interest Revenue $75.
D) Debit Interest Revenue $175; credit Interest Receivable $175.
E) Debit Interest Revenue $250; credit Interest Receivable $250.
Answers: 3
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