Sunland Company lends Metlock Company $51000 on January 1 and, accepts a 4-month, 6% promissory...
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Sunland Company lends Metlock Company $51000 on January 1 and, accepts a 4-month, 6% promissory note in exchange. Sunland Company prepares financial statements on January 31. What adjusting entry should be made before preparing the financial statements? Notes Receivable-Metlock Company 51000 Cash 51000 Interest Receivable 1020 Interest Revenue 1020 Interest Receivable 255 Interest Revenue 255 Cash 255 Interest Revenue 255
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