Concord Company lends Ivanhoe Company $10700 on April 1, accepting a four-month, 12% interest note. Concord Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? Interest Receivable 428 Interest Revenue 428 Interest Receivable 107 Interest Revenue 107 Cash 107 Interest Revenue 107 Note Receivable 10700 Cash 10700

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Concord Company lends Ivanhoe Company $10700 on April 1, accepting a four-month, 12% interest note. Concord Company
prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared?
Interest Receivable
428
Interest Revenue
428
Interest Receivable
107
Interest Revenue
107
Cash
107
Interest Revenue
107
Note Receivable
10700
Cash
10700
Transcribed Image Text:Concord Company lends Ivanhoe Company $10700 on April 1, accepting a four-month, 12% interest note. Concord Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? Interest Receivable 428 Interest Revenue 428 Interest Receivable 107 Interest Revenue 107 Cash 107 Interest Revenue 107 Note Receivable 10700 Cash 10700
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