Homework Answers
Answer b. A credit to interest revenue of $2638
as
Interest earned on an outstanding loan will be = $26377 x 10% = $2638
so any adjustment entry for this will include credit to interest revenue $2638
and
Interest incurred on an outstanding loan will be = $6838 x 12% = $821
which will be debited to interest expense but no option is given for this
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