4 POINTS On January 1, Trump Financial Serviceslends a corporate client $180,000 at an 8%interest rate. The amount of interestrevenue that should be recorded for thequarter ending March 31 equals:a) $14,400b) $3,600c) $900d) $3,200

Step 1: Given Value for Calculation Principal Amount = p = $180,000Interest Rate = r = 8%Time = t =…

Answered: On January 1, Trump Financial Services…

Principles of Accounting Volume 1

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Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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On January 1, Trump Financial Services lends a corporate client $180,000 at an 8% interest rate. The amount of interest revenue that should be recorded for the quarter ending March 31 equals: a) $14,400 b) $3,600 c) $900 d) $3,200