TB MC Qu. 5-165 (Algo) On August 1, 2024, a company lends cash and accepts...\ On August 1, 2024, a company lends cash and accepts a

$16,000

note receivable that offers

8%

interest and is due in nine months. How would the company record the year-end adjusting entry to accrue interest in 2024? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)\ \\\\table[[Transaction,Account Title,Debit,Credit],[A.,\\\\table[[Interest Revenue],[Interest Ratceivable]],619,619],[B.,\\\\table[[Interest Receivable],[Interest Revenue]],1,280,1,280],[C.,\\\\table[[Interest Receivable],[Interest Revenue]],619,619],[D.,\\\\table[[Interest Receivable],[Interest Revenue]],533,533]]

Transcribed Image Text:

TB MC Qu. 5-165 (Algo) On August 1, 2024, a company lends cash and accepts... On August 1, 2024, a company lends cash and accepts a $16,000 note receivable that offers 8% interest and is due in nine months. How would the company record the year-end adjusting entry to accrue interest in 2024? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Transaction Account Title A. B. Interest Revenue Interest Receivable Interest Receivable Debit 619 Credit 619 1,280 Interest Revenue $1,280 D. C. Interest Receivable Interest Revenue 619 619 Interest Receivable 533 Interest Revenue 533 TB MC Qu. 5-165 (Algo) On August 1, 2024, a company lends cash and accepts... On August 1, 2024, a company lends cash and accepts a $16,000 note receivable that offers 8% interest and is due in nine months. How would the company record the year-end adjusting entry to accrue interest in 2024? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Transaction Account Title A. B. Interest Revenue Interest Receivable Interest Receivable Debit 619 Credit 619 1,280 Interest Revenue $1,280 D. C. Interest Receivable Interest Revenue 619 619 Interest Receivable 533 Interest Revenue 533

Answer rating: 100% (QA)

The correct yearend adjusting entry to accrue interest in 2024 for the comp... View the full answer