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Scarlet makes an $18,750, 120-day, 8% cash loan to Greene Co. on November 1. Scarlet's end-of-period adjusting entry on December 31 should be:
Group of answer choices
A) Debit Cash for $250; credit Notes Receivable $250.
B) Debit Interest Revenue $500; credit Notes Receivable $500.
C) Debit Interest Receivable $250; credit Interest Revenue $250.
D) Debit Interest Receivable $500; credit Interest Revenue $500.
E) Debit Notes Receivable $500; credit Interest Revenue $500.
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