On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date.Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end?Multiple ChoiceDebit Cash, $4,620; credit Interest Revenue, $4,620.Debit Interest Expense, $4,620; credit Interest Payable, $4,620Debit Interest Receivable, 4,620; credit Interest Revenue, $4620.Debit Interest Expense, $13,860; credit Interest Payable, $13,860Debit Interest Receivable, $13,860; credit Cash, $13,860< Prev13 of 30Next >Graw7:26 PMW100%3 Type here to search2/21/2022

Solution: Adjusting entries are journal entries usually made at the end of an accounting period to…

On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice

On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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