Assume that the accrual basis of accounting is used and that revenue is recognized at the time goods are sold or services are rendered. Indicate the amount of revenue or expense recognized during November in each of the following situations.

a A bank loaned a customer \(\$ 10,000\) on June 1. The loan was repaid on November 30 with interest at the rate of 8 percent per year.

b Same as part a except the loan is repayable on February 28 of next year.

c Marketable securities costing \(\$ 4,500\) plus broker's commission of \(\$ 90\) are purchased on November 10.

d A cashier leaves town with \(\$ 3,000\) of the firm's money during November. The loss is covered by insurance (consider from the standpoint of the firm).

e An insurance company received insurance premiums of \(\$ 7,200\) during November for 24 months' coverage beginning November 1.