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On January 1, Portillo, Incorporated lends a corporate customer $96,000 at 5% interest. The amount of interest revenue that should be recorded for the quarter ending March 31 equals: Multiple Choice $1,200 $400 $4,800

On January 1, Portillo, Incorporated lends a corporate customer $96,000 at 5% interest. The amount of interest revenue that should be recorded for the quarter ending March 31 equals: Multiple Choice $1,200 $400 $4,800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, Portillo, Incorporated lends a corporate customer $96,000 at 5% interest. The amount of interest revenue that should be recorded for the quarter ending March 31 equals: Multiple Choice O O $1,200. $400 O $4,800 $1,600
Transcribed Image Text:On January 1, Portillo, Incorporated lends a corporate customer $96,000 at 5% interest. The amount of interest revenue that should be recorded for the quarter ending March 31 equals: Multiple Choice O O $1,200. $400 O $4,800 $1,600
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