Assume that the $1,000, 90-day, 8 percent note was received on August 31 and that the fiscal year ended on September 30 . The adjusting entry that would be made to record the interest receivable is (amounts rounded to nearest dollar):
a. Interest receivable 7
Interest Income 7
b. Notes receivable 7
Interest Income 7
c. Accounts receivable 20
Cash 20
d. Interest income 20
Accounts receivable 20
A
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