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The Interest Receivable account for February showed transactions totaling $8,500 and an adjustment of $11,200.All of the following responses are correct except:

A. The transactions probably resulted from accruing interest income earned.

B. The transactions were probably entered on the credit side of the account.

C. The adjustment was probably for cash receipts of interest receivable accrued in prior months.

D. The balance in the interest receivable account decreased $2,700.

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  • Category:- Accounting Basics
  • Reference No.:- M941421

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