Account Title Beginning Balance Ending Balance Accounts receivable $28,600 $40,500 Allowance for doubtful accounts 1,760 2,160 Notes receivable 47,200 47,200 Interest receivable 930 4,234   The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest?   Please explain how you find the cash received for interest

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Account Title Beginning Balance Ending Balance
Accounts receivable $28,600 $40,500
Allowance for doubtful accounts 1,760 2,160
Notes receivable 47,200 47,200
Interest receivable 930 4,234

 

The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest?

 

Please explain how you find the cash received for interest

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