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On November 1 Jovel Company loaned another company $100000 at a 60 interest rate The note receivable plus interest will not be collected until March 1 of the following year The company annual

On November 1 Jovel Company loaned another company $100,000 at a 6.0% interest rate. The note receivable plus interest will not be collected until March 1 of the following year. The company annual accounting period ends on December 31 and adjustments are only made at year end. The adjusting entry needed on December 31 is

A. No entry required

B. Debit interest expense 5,000 credit interest payable 5,000

C.debit interest expense 1,000 credit note payable 1,000

D. Debit interest receivable 500 credit interest revenue 500

E. Debit interest receivable 1000 credit interest revenue 1,000

 

Mar 25 2020 Read more Less More

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