Far Away Inc. borrowed $$96,000$ on October $1$ by signing a note payable to City One Bank. The interest expense for each month is $$320.$ The loan agreement requires Far Away Inc. to pay interest on December $31.$

Make City One Bank's adjusting entry to accrue interest revenue and interest receivable at October $31,$ at November $30,$ and at December $31.$ Date each entry and include its explanation.

Post all three entries to the Interest Receivable account. You need not take the balance of the account at the end of each month.

Record the receipt of three months' interest at December $31.$

Make City One Bank's adjusting entry to accrue interest revenue and interest receivable at October $31,$ at November $30,$ and at December $31.$ Date each entry and include its explanation. $($Record debits first, then credits. Enter explanations on the last line.$)$

Start by making the adjusting entry to accrue monthly interest revenue for October.

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