A company lent $10,000 to another business at an annual interest rate of 6% on November 1. No interest has been received by December 31. What adjusting entry should be made for accrued interest income at year-end?

Question

Answer

Debit Cash $100; Credit Interest Revenue $100

Answer

Debit Interest Receivable $100; Credit Interest Revenue $100

Answer

Debit Interest Revenue $200; Credit Interest Receivable $200

Answer

Debit Interest Revenue $100; Credit Interest Receivable $100

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A company lent $10,000 to another business at an annual interest rate of 6% on N...

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