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:

Credential Inflation

Describes the increasing demand for higher educational degrees or qualifications for jobs that previously required less education.

Technical Requirements

Specific technical needs or criteria that must be met for a project, system, or product.

Professionalization

The process of developing or transforming a profession by establishing standardized criteria for qualification, professionalism, and ethics.

Youth Culture

A way of life, traditions, and customs developed by young people, distinguishing them from other demographic groups.