Bills Catering Company is at its accounting year-end, December 31, 2017. The following data that...
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Accounting
Bills Catering Company is at its accounting year-end, December 31, 2017. The following data that must be considered were developed from the companys records and related documents. Give the adjusting entry required for each transaction at December 31, 2017.
b. On November 1, 2017, the company loaned $4,000 to one of its employees on a one-year, 12 percent note. The principal plus interest is payable by the employee at the end of 12 months.
Why the answer debt is "Interest receivable" and credit is "interest income"? (Please type the asnwer for me)
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