Harper Company lends Hewell Company $40,000 on March 1, accepting a four-month, 6% interest note. Harper Company prepares financial statements on March 31. What adjusting entry should be made before the financial statements can be prepared?
A) Cash 200Interest Revenue 200
B) Interest Receivable 800Interest Revenue 800
C) Interest Receivable 200Interest Revenue 200
D) Note Receivable 40,000Cash 40,000
C
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