Randie Company lends Luann Company $10,000 on April 1, accepting a four-month, 6% interest note. Randie Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared?
A. Interest Receivable 200
Interest Revenue 200
B. Note Receivable 10,000
Cash 10,000
C. Interest Receivable 50
Interest Revenue 50
D. Cash 50
Interest Revenue 50
Answers: 1
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Randie Company lends Luann Company $10,000 on April 1, accepting a four-month, 6% interest note. Ran...
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