XYZ Company lends KLM Company $60,000 on April 1, accepting a three month, 9% interest note. XYZ Company prepares financial statements on April 30. What adjusting entry should be made ? * Debit Note Receivable and credit cash for 60,000 Debit Interest Receivable and credit Interest Revenue for 450 O Debit cash and credit Interest Revenue for 540 O Debit Interest Receivable and credit Interest Revenue for 1,350 Other:

XYZ Company lends KLM Company $60,000 on April 1, accepting a three month, 9% interest note. XYZ Company prepares financial statements on April 30. What adjusting entry should be made ? * Debit Note Receivable and credit cash for 60,000 Debit Interest Receivable and credit Interest Revenue for 450 O Debit cash and credit Interest Revenue for 540 O Debit Interest Receivable and credit Interest Revenue for 1,350 Other:

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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