The Journal Entry to Record Accrued Interest on a Note

question 78

Multiple Choice

The journal entry to record accrued interest on a note receivable at year end is:

• A)debit Interest Receivable and credit Interest Revenue.
• B)debit Note Receivable and credit Interest Revenue.
• C)debit Interest Receivable and credit Note Receivable.
• D)debit Cash and credit Interest Receivable.

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Definitions:

Transportation

The movement of people or goods from one location to another using various modes such as road, rail, air, or sea.

Giovanni Arnolfini

A wealthy merchant from Renaissance Bruges, frequently associated with the famous painting by Jan van Eyck believed to depict him and his wife.

Fidelity

The degree of accuracy by which a copy reproduces its source or the loyalty to faithfulness to obligations, duties, or commitments.

Dukes of Burgundy

Titles held by the rulers of the Burgundian State, spanning parts of modern-day France, Belgium, and the Netherlands from the 9th to the 15th centuries.