On June 1, 2018, Jensen Company acquired an 6.2%, ten-month note receivable from a customer in settlement of an existing account receivable of $180,000. Interest and principal are due at maturity.
The proper adjusting entry at December 31, 2018, with regard to this note receivable includes a
a. Debit to Notes Receivable of $11,160.
b. Credit to Interest Revenue of $11,160.
c. Debit to Cash of $6,510
d. Debit to Interest Receivable of $6,510.
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