Homework Answers
the following will be the journal entry to be recorded:
| date | accounts | debit | credit |
| December 31 2020 | Interest receivable a/c | 4,000 | |
| ............To Interest revenue a/c | 4,000 | ||
working:
Amount = $200,000 loan *8%*3 months / 12 months.
=>$4,000.
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