On January 1, 2016, Tessa loaned $12,000 to another company on a three-year, 4% note. No interest was accrued in 2016. Cash will not be received for the interest until the end of the three-year period. The error was discovered before adjusting and closing entries were posted on December 31, 2017. Ignoring income taxes, what should be the correct journal entry on December 31
A) Interest Receivable 480Retained Earnings 480
B) Interest Receivable 960Interest Revenue 960
C) Interest Receivable 480Interest Revenue 480
D) Interest Receivable 960Interest Revenue 480Retained Earnings 480
D
You might also like to view...
Stealth marketing occurs when:
A) firms intentionally design advertising or marketing campaigns to capitalize on a major sporting event B) a brand is associated with a major sporting event without any intentional or indirect effort on the part of the brand C) a brand suggests or hints it is associated with a major sporting event when it is not D) consumers are enticed to look at a product by individuals without the individuals realizing the person making the sales pitch is being paid or compensated by the brand
Under the periodic inventory system, the cost of goods sold account is debited and the purchases account is credited at the same time a sale is recorded
Indicate whether the statement is true or false
The management of feeling to create a publicly observable facial and bodily display is called ______.
A. positive affect B. emotional dissonance C. state affect D. emotional labor
Claire and her mother are both in marketing positions. Claire's job is satisfying to her primarily because it gives her a flexible schedule and pays well so she can take vacations with her friends. Her mother chose a job that provides health benefits and structured work with regular hours. This demonstrates shifts in ________ that can influence work life versus family life.
A. information power from marketer to customer B. competitive influences C. generational values and preferences D. buying power from customer to marketer E. product glut and customer shortage