White Resources Determines That It Has NOT Yet Recorded the 2017

question 63

Multiple Choice

White Resources determines that it has NOT yet recorded the 2017 accrual for Interest Revenue to be received in 2018.Assuming the amount to be recorded for 2017 is $2,000, the required adjustment at December 31, 2017 is

• A)debit Interest Receivable and credit Interest Revenue $2,000.
• B)debit Interest Revenue and credit Interest Receivable $2,000.
• C)debit Interest Payable and credit Interest Revenue $2,000.
• D)Silly question: no adjusting entry is required.

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Definitions:

Anemia

A condition characterized by a deficiency of red blood cells or hemoglobin in the blood, resulting in pallor and weariness.

Fasting

Abstaining from all or some kinds of food or drink for a specific period of time, often for health or religious reasons.

Liver Panel

A series of blood tests used to assess liver function and detect liver disease by measuring enzymes, proteins, and substances in the blood.

Liver Function

The various roles the liver plays in the human body, including detoxifying harmful substances, metabolizing drugs, filtering blood, and secreting bile.