Rodgers company lends lanier company 30000 on april 1, Ask an Expert

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Rodgers company lends Lanier Company $30,000 on April 1, accepting a four month, 9% interest note. Rodgers company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared?

a Notes Receivable $30,000
Cash $30,000

b Interest Receivable 225
Interest Revenue 225

c Interest Receivable 900
Interest Revenue 900

d Cash 225
Interest Revenue 225

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9980505

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