On September 1, Kennedy Company loaned $122,000, at 9% annual interest, to a customer. Interest...
70.2K
Verified Solution
Link Copied!
Question
Accounting
On September 1, Kennedy Company loaned $122,000, at 9% 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? Multuple Choice Debit interest Receivable, $10,980, credit Cash, $10,980 Debit interest Receivable, 3,660 , credit interest Revenue, $3,660 Debit interest Expense, $10,980, credit interest Poyoble, $10,980
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: Flex AI - Your personal assistant for all your inquiries!
