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:

Informal Rule Making

A type of rule making in which an agency publishes a proposed rule in the Federal Register, considers public comments, and then publishes the final rule. Also called notice-and-comment rule making.

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Relating to laws or the process of making laws, often through a governing body or legislature.

Judicial Powers

The authority granted to courts and judges to interpret and apply the law, make judgments, and carry out justice.

Administrative Law Judge's Decision

A ruling issued by an administrative law judge, which resolves disputes involving government agencies and the application of administrative laws.