[The Following Information Applies to the Questions Displayed Below

question 54

Multiple Choice

[The following information applies to the questions displayed below.]
On June 1,2018,Jensen Company acquired an 8%,ten-month note receivable from a customer in settlement of an existing account receivable of $130,000.Interest and principal are due at maturity.
-The proper adjusting entry at December 31,2018,with regard to this note receivable includes a:

• A)Debit to Cash of $6,067.
• B)Debit to Notes Receivable of $10,400.
• C)Credit to Interest Revenue of $10,400.
• D)Debit to Interest Receivable of $6,067.

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Definitions:

Sweet Peas

Fragrant flowering plants known scientifically as Lathyrus odoratus, popular in gardens for their colorful and aromatic flowers.

Leaf Abscission

The process by which plants naturally shed their leaves as a part of seasonal changes, growth regulation, or in response to stress conditions.

Chlorophyll

A green pigment found in the chloroplasts of plants and algae, responsible for the absorption of light to provide energy for photosynthesis.

Anthocyanins

Class of red water-soluble plant pigments.