On July 1, 2014, Falcon Company received a $20,000 promissory note from Jordyn Company. The annual interest rate is 5%. Principal and interest are paid in cash at the maturity date of June 30, 2015. If Falcon's fiscal year ends September 30, 2014, an adjusting entry is needed to:
a. Increase interest revenue by $1,000
b. Increase notes receivable by $250
c. Increase interest receivable by $250
d. Increase notes receivable by $1,000
c
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