Need help with this general accounting question please answer On January 1, Aurora Financial Services lends a corporate customer$100,000 at 8% interest. What is the amount of interest revenuethat should be recorded for the quarter ending March 31?a. $2,000b. $8,000c. $1,000d. $4,000

Step 1: Define Interest RevenueInterest revenue is the income earned from lending money or other…

Answered: On January 1, Aurora Financial Services…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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On October 1, Black Company receives a 6% interest-bearing note from Reese Company to settle a $17,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $252 Оь. 5255 Oc. $262 Od. $265
On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a $18,600 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $369 Оb. $372 Ос. $382 Od. $379

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On January 1, Aurora Financial Services lends a corporate customer $100,000 at 8% interest. What is the amount of interest revenue that should be recorded for the quarter ending March 31? a. $2,000 b. $8,000 c. $1,000 d. $4,000