Homework Answers
Accrued interest for 4 months from 1st September to 31st December = $115000*12%*4/12 =$4600
Adjustment entry at the end 31st Dec
Interest receivable(Asset) Debit. $4600
Interest revenue.(Income) Credit. $4600
Answer (A)
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Submit 00 On September 1, Kennedy Company loaned $115.000, at 12% annual resto a customer interest...
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and...
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