aileenlopezz
05.05.2020 •
Business
A company receives interest on a $99000, 6%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 4455 Interest Revenue 4455 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? Cash 1485 Interest Revenue 1485 Cash 4455 Interest Receivable 4455 Cash 5940 Interest Revenue 5940 Cash 5940 Interest Receivable 4455 Interest Revenue 1485
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