Penny Resources Determines That It Has Not Yet Recorded the Accrual

question 1

Multiple Choice

Penny Resources determines that it has not yet recorded the accrual for 2010 interest revenue to be received in 2011.Assuming the amount to be recorded for 2010 is $8,000, the required adjustment on December 31, 2010 is

• A)debit interest receivable and credit interest revenue $8,000.
• B)debit interest revenue and credit interest receivable $8,000.
• C)debit interest payable and credit interest revenue $8,000.
• D)no entry required.

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