Rodgers company lends Lanier Company $30,000 on April 1, accepting a four month, 9% interest note. Rodgers company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared?
a Notes Receivable $30,000
Cash $30,000
b Interest Receivable 225
Interest Revenue 225
c Interest Receivable 900
Interest Revenue 900
d Cash 225
Interest Revenue 225