Harper Company lends Hewell Company $40,000 on March 1, accepting a four-month, 6% interest note. HarperCompany prepares financial statements on March 31 . What adjusting entry should be made before the financialstatements can be prepared?
a. Cash 200
Interest Revenue 200
b. Interest Receivable
Interest Revenue 800
800
c. Interest Receivable
Interest Revenue 200
200
d. Note Receivable
Cash 40,000
40,000
c
You might also like to view...
All decreases in stockholders' equity are a result of expenses
Indicate whether the statement is true or false
Poole Products Inc Poole Products Inc has the following product information available: Sales price $25 per unit Variable costs $10 per unit Fixed costs $36,000 Refer to the Poole Products Inc information above. How many units need to be sold in order to earn a target profit of $249,000?
A) 8,143 units B) 14,200 units C) 16,600 units D) 19,000 units
Differentiate between particular average and general average
What will be an ideal response?
The ____ function serves as an electronic Rolodex file
A) Contacts B) Notes C) Calendar D) All of the above