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On September 1, Kennedy Company loaned $122,000, at 9% annual interest, to a customer. Interest...

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Accounting

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On September 1, Kennedy Company loaned $122,000, at 9% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31 , the calendar year-end? Multuple Choice Debit interest Receivable, $10,980, credit Cash, $10,980 Debit interest Receivable, 3,660 , credit interest Revenue, $3,660 Debit interest Expense, $10,980, credit interest Poyoble, $10,980

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