Lemmings end-of-period adjusting entry

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Reference no: EM13905784

Lemming makes an $18,750, 120-day, 8% cash loan to Notions Co. on November 2. Lemming's end-of-period adjusting entry on December 31 should be:

Debit Cash for $250; credit Notes Receivable $250.

Debit Interest Revenue $500; credit Notes Receivable $500.

Debit Interest Receivable $250; credit Interest Revenue $250.

Debit Interest Receivable $500; credit Interest Revenue $500.

Debit Notes Receivable $500; credit Interest Revenue $500.

Reference no: EM13905784

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