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:

Normal Line

A term that can refer to a standard or expected level of performance, or in mathematics, a straight line that conforms to its defined or understood parameters.

Defense

Actions or strategies designed to protect oneself or property from attack or harm.

Crisis Intervention Services

Services designed to provide immediate, short-term help to individuals who experience an event that generates emotional, mental, physical, and behavioral distress or problems.

Mental Illness

Disorders that affect mood, thinking, and behavior, ranging from depression to schizophrenia.