Business, 10.04.2020 01:46 dyshekagraves

On March 1, 2016, Steger Corporation invested in a $60,000 note receivable with a 1-year term and a 9% annual interest rate. Which of the following is the correct adjusting journal entry to record the recognition of interest revenue on the note receivable at December 31, 2016?

(A) Debit Credit
Interest Receivable 4,500
Interest Revenue 4,500

(B) Debit Credit
Cash 5,400
Interest Revenue 5,400

(C) Debit Credit
Notes Receivable 4,500
Interest Revenue 4,500

(D) Debit Credit
Interest Receivable 5,400
Interest Revenue 5,400

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On March 1, 2016, Steger Corporation invested in a $60,000 note receivable with a 1-year term and a...

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