The lender of a note recognizes a note payable on the balance sheet and interest expense on its income statement.
Answer the following statement true (T) or false (F)
False
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Assume that the $1,000, 90-day, 8 percent note was received on August 31 and that the fiscal year ended on September 30 . The adjusting entry that would be made to record the interest receivable is (amounts rounded to nearest dollar):
a. Interest receivable 7 Interest Income 7 b. Notes receivable 7 Interest Income 7 c. Accounts receivable 20 Cash 20 d. Interest income 20 Accounts receivable 20
Waiting tables, teaching, and cutting hair are all examples of services that people pay for to fulfill their needs.
Answer the following statement true (T) or false (F)
Accrued revenue represents the receipt of cash before the revenue has been earned
Indicate whether the statement is true or false
Virtual meetings area always asynchronous.
Answer the following statement true (T) or false (F)