First State Bank lends Dorchester Company $100,000 on March 1, accepting a one year, 5%...
80.2K
Verified Solution
Link Copied!
Question
Accounting
First State Bank lends Dorchester Company $100,000 on March 1, accepting a one year, 5% interest note. First State Bank prepares financial statements on March 31. What adjusting entry should be made March 31 st before the financial statements can be prepared? debit Note Receivable 100,000; credit Cash 100,000 debit Accounts Receivable 5,000; credit Interest Revenue 5,000 debit Interest Payable 4,167; credit Interest Revenue 4,167 debit Interest Receivable 417; credit Interest Revenue 417
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
