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What entry should be made on april

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A company receives interest on a $80000, 6%, 5-year note receivable each April 1. At December 31, 2017, the following adjusting entry was made to accrue interest receivable:

Interest Receivable3200

Interest Revenue 3200

Question 1: 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?

Debit                          Credit

a)Cash 4800          Interest Revenue 4800

b)Cash 4800            Interest Receivable 3200

                               Interest Revenue 1600

c)Cash 1600                 Interest Revenue 1600

d)Cash 3200                 Interest Receivable 320

Reference no: EM132568494

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