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A company receives interest on a $80000, 6%, 5-year note receivable each April 1. At December 31, 2017, the following adjusting entry was made to accrue interest receivable:
Interest Receivable3200
Interest Revenue 3200
Question 1: Assuming that the company does not use reversing entries, what entry should be made on April 1, 2018 when the annual interest payment is received?
Debit Credit
a)Cash 4800 Interest Revenue 4800
b)Cash 4800 Interest Receivable 3200
Interest Revenue 1600
c)Cash 1600 Interest Revenue 1600
d)Cash 3200 Interest Receivable 320
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