Get correct solution this financial accounting question On July 1, Crestwood Financials lends a corporate customer$200,000 at 6% interest. How much interest revenue shouldbe recorded for the quarter ending September 30?a. $3,000b. $4,000c. $1,000d. $6,000

Step 1: Define Interest RevenueInterest revenue is the income earned by a company or individual from…

Answered: On July 1, Crestwood Financials lends a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...

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On July 1, Crestwood Financials lends a corporate customer $200,000 at 6% interest. How much interest revenue should be recorded for the quarter ending September 30? a. $3,000 b. $4,000 c. $1,000 d. $6,000