The Following General Journal Entry Is Made on June 1

question 41

Multiple Choice

The following general journal entry is made on June 1 in the books of Bean Bag.
Dr Cr
Bills receivable $63 550.68
Unearned interest $550.68
Accounts receivable $60 000.00
To record bills receivable $60 000 x 12% x 180 days/365 days.
The adjusting entry required for interest at balance day on 30 June is which of the following?

• A)Debit unearned interest $591.78; credit interest revenue $591.78
• B)Debit interest revenue $591.78; credit unearned interest $591.78
• C)Debit unearned interest $591.78; credit bills receivable $591.78
• D)Debit bank $591.78; credit interest revenue $591.78

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Definitions:

Social Awareness

The ability to understand and respond to the feelings, thoughts, and behaviors of others, acknowledging societal norms and dynamics.

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