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What amount of revenue pertaining to the outstanding gift

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Q1. Sheridan Corporation loaned $560000 to another corporation on December 1, 2020 and received a 3-month, 6% interest-bearing note with a face value of $560000. What adjusting entry should Sheridan make on December 31, 2020?

-Debit Cash and credit Interest Revenue, $2800.

-Debit Interest Receivable and credit Interest Revenue, $8400.

-Debit Cash and credit Interest Receivable, $8400.

-Debit Interest Receivable and credit Interest Revenue, $2800

Q2. At December 31, 2020, Kimberly's Boutique had 2250 gift certificates outstanding, which had been sold to customers during 2020 for $50 each. Kimberly's operates on a gross profit of 60% of its sales. What amount of revenue pertaining to the 2250 outstanding gift certificates should be deferred at December 31, 2020?

-$112500.

-$45000.

-$0.

-$67500.

Reference no: EM133018422

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