Homework Answers
The correct answer is D) a credit to interest revenue for $4,080.
Supporting explanations:
Interest revenue is income and it always has credit balance so when it is earned, it is credited. The correct journal entry is prepared below -
| Date | Account Titles and Explanations | Debit | Credit |
| Dec. 31, 2018 | Accounts Receivable | $4,080 | |
| Interest Revenue ($68,000*12/100*6/12 months) | $4,080 | ||
| (To record the interest earned on credit) |
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