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what entry should be made on April

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Question - A company receives interest on a $104000, 10%, 5-year note receivable each April 1. At December 31, 2017, the following adjusting entry was made to accrue interest receivable:

Interest Receivable 8320

Interest Revenue 8320

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?

Cash 10400

Interest Revenue 10400

Cash 8320

Interest Receivable 8320

Cash 10400

Interest Receivable 8320

Interest Revenue 2080

Cash 2080

Interest Revenue 2080

Reference no: EM132350126

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