Question: Question 5 (3 points) Saved On August 1, Gulfdream Aviation accepted a note receivable from Stardust Enterprises. It was a six-month 12% interest note for

 Question 5 (3 points) Saved On August 1, Gulfdream Aviation accepted

Question 5 (3 points) Saved On August 1, Gulfdream Aviation accepted a note receivable from Stardust Enterprises. It was a six-month 12% interest note for $10,000. After five months the end of the year, Gulfdream prepared financial statements. Stardust has not yet paid the note off. Which entry will Gulfdream make after five months? Debit Interest receivable $1,200 Credit Interest revenue $1,200 Debit Interest receivable $600 Credit Interest revenue $600 Debit Interest receivable $500 Credit Note receivable $500 Gulfdream should make no entries at the end of the year they make no entries until the note is paid in full, Debit Interest receivable $500 Credit Interest revenue $500 tv

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