Homework Answers
Answer
- No of month since Oct 31 20X4 to 31 Dec 20X4 = 2 months {Nov and Dec)
- Adjusting entry would be for
Debiting Interest receivables,
and
Crediting Interest revenue. - The amount of adjustment = $ 1004772 x 7% x 2 / 12
= $ 11,722 - Correct Answer
Option ‘d’ Interest revenue in the amount of $ 11722 will be CREDITED.
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On October 31, 20x4, you lend $ 1004772 to another company for one year. At October...
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