Deere company holds a $10,000 note receivable dated july 1, 2015, with 10% interest. what adjusting entry is needed on december 31, 2015?
a. no entry is needed.
b. debit interest receivable for $500 and credit interest revenue for $500
c. debit interest receivable for $1,000 and credit interest revenue for $1,000
d. debit interest receivable for $100 and credit interest revenue for $100
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