Business, 09.12.2020 21:20 kota87

Lemming makes an $18,750, 120-day, 8% cash loan to Notions Co. on November 1. Lemming's end-of-period adjusting entry on December 31 should be: a. Debit Cash for $250 credit Notes Receivable $250.
b. Debit Interest Revenue $500; credit Notes Receivable $500.
c. Debit Interest Receivable $250, credit Interest Revenue $250.
d. Debit interest Receivable $500, credit Interest Revenue $500.
e. Debit Notes Receivable $500, credit Interest Revenue $500

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Lemming makes an $18,750, 120-day, 8% cash loan to Notions Co. on November 1. Lemming's end-of-perio...

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