On May 1, 2021, Townsley borrowed $250,000 from Prime Bank by signing a three-year, 6% note payable. Interest is due each May 1. What adjusting entry, if any, should Prime Bank record on December 31, 2021? a. Debit Interest Receivable and credit Interest Revenue for $5,000. b. Debit Interest Receivable and credit Interest Revenue for $10,000. c. Debit Interest Receivable and credit Interest Revenue for $15,000. d. No adjusting entry is necessary.
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