What adjusting entry should Starr make on December

Reference no: EM132831724

Question - Starr Corporation loaned $450,000 to another corporation on December 1, 2014 and received a 3-month, 8% interest-bearing note with a face value of $450,000. What adjusting entry should Starr make on December 31, 2014?

A) Debit Interest Receivable and credit Interest Revenue, $9,000

B) Debit Interest Receivable and credit Interest Revenue, $3,000

C) Debit Cash and credit Interest Receivable, $9,000

D) Debit Cash and credit Interest Revenue, $3,000

Reference no: EM132831724

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