On September Kennedy Company loaned $ at 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 yearend, what is the adjusting entry for accruing interest that Kennedy would need to make on December the calendar yearend?
points
Multiple Choice
::
Debit Interest Expense, $; credit Interest Payable, $
Debit Interest Receivable, $; credit Interest Revenue, $
Debit Interest Expense, $; credit Interest Payable, $
Debit Cash, $; credit Interest Revenue, $
Debit Interest Receivable, $; credit Cash, $
