Lemming makes an $18,750, 120-day, 8% cash loan to Notions Co. on November 1. Lemming's end-of-period adjusting entry on December 31 should be:
A. Debit Interest Receivable $250; credit Interest Revenue $250.
B. Debit Interest Revenue $500; credit Notes Receivable $500.
C. Debit Interest Receivable $500; credit Interest Revenue $500.
D. Debit Cash for $250; credit Notes Receivable $250.
E. Debit Notes Receivable $500; credit Interest Revenue $500.
Answer: A
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