Business, 25.03.2020 02:01, babyrocks7300

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: Multiple Choice Debit Interest Revenue $500; credit Notes Receivable $500. Debit Interest Receivable $500; credit Interest Revenue $500. Debit Interest Receivable $250; credit Interest Revenue $250. Debit Notes Receivable $500; credit Interest Revenue $500. Debit Cash for $250; credit Notes Receivable $250.

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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...