Harper Company lends Hewell Company $9,600 on March 1, accepting a four-month, 5% interest note. Harper Company prepares financial statements on March 31. What adjusting entry should be made before the financial statements can be prepared?
Select the correct answer.
A. Cash$40
Interest Revenue$40
B. Interest Receivable$160
Interest Revenue$160
C. Interest Receivable$40
Interest Revenue$40
D. Note Receivable$9,600
Cash$9,600
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