Interest Earned and Receivable on a Note Receivable Equals $75

Interest earned and receivable on a note receivable equals $75 for the month of March.What adjusting entry,if any,should be recorded as of March 31?

A) Debit Cash $75 and credit Interest Revenue $75.
B) Debit Interest Receivable $75 and credit Interest Revenue $75.
C) Debit Interest Revenue $75 and credit Interest Receivable $75.
D) No journal entry is needed at this time.

Correct Answer:

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