Answer:
Dr Interest Receivable $140
Cr Interest Revenue $140.
Explanation:
Based on the information given we were told that On November 19 the Company receives the
amount of $15,000 which includes a 60-day, 8% note from a customer which means that the adjusting Journal entry that should be made on the December 31 year-end will be :
Dr Interest Receivable $140
Cr Interest Revenue $140
(15,000*8%*42days/360 days)
Note that November 19 to December 31 will gives us 42 days while 360 days represent the numbers of days in a year
