Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on october 1, 2019, the early bank lends money to

On October 1, 2019, the Early Bank lends money to a customer on a six...

70.2K

Verified Solution

Question

Accounting

image

On October 1, 2019, the Early Bank lends money to a customer on a six month note. The bank accrues interest on the note at December 31, 2019. The bank's journal entry on December 31, 2019 would include a: O A. debit to Cash and a credit to Interest Payable for three months of interest. O B. debit to Interest Receivable and a credit to Interest Revenue for three months of interest. O C. debit to Cash and a credit to Interest Revenue for three months of interest. O D. debit to Interest Revenue and a credit to Interest Receivable for three months of interest

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students