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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Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
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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
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On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a $17,800 account receivable. The note is due in six months. At December 31, Black should record interest revenue of a.$455 b.$442 c.$445 d.$452
What are the process from note on July 1?
What are the proceed

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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