Interest Earned and Receivable on a Note Receivable Equals $50

Interest earned and receivable on a note receivable equals $50 for the month of March.What adjusting entry,if any,should be recorded as of March 31?

A) Debit Cash $50 and credit Interest Revenue $50.
B) Debit Interest Receivable $50 and credit Interest Revenue $50.
C) Debit Interest Receivable for $150 and credit Interest Revenue $150.
D) No journal entry is needed at this time.

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free