Interest Earned and Receivable on a Note Receivable Equals $75

question 50

Multiple Choice

Interest earned and receivable on a note receivable equals $75 for the month of March.What adjusting entry,if any,should be recorded as of March 31?

• A)Debit Cash $75 and credit Interest Revenue $75.
• B)Debit Interest Receivable $75 and credit Interest Revenue $75.
• C)Debit Interest Revenue $75 and credit Interest Receivable $75.
• D)No journal entry is needed at this time.

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Definitions:

Bad Debts Expense

Bad debts expense represents the loss that a company anticipates or realizes from customers who are unable to pay their outstanding balances.

Uncollectible Accounts

Refers to receivables that a business has determined are unlikely to be collected due to customer default.

Aging

A method used in accounting to categorize a company's accounts receivable according to the duration of time an invoice has been outstanding.

Allowance Account

An account used to reduce the carrying amount of accounts receivable or loans to their net realizable value, reflecting expected losses due to uncollectibility.