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Determining interest revenue

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Chase Bank loans P+P Company $120,000 on a 1 year promissory note on July 1, 2009. The interest rate of this loan is 12%. The principle and interest are due in one year. The journal entry to accrue interest earned on 12-31-09 is:

A) Cash 7,200
Interest revenue 7,200

B) Cash 14,400
Interest revenue 14,400

C) Interest receivable 7,200
Interest Revenue 7,200

D) Interest Receivable 14,400
Interest Revenue 14,400

Reference no: EM1357875

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