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LO $9\mathrm{.}6$ Arvan Patel is a customer of First National Bank. Mr$.$ Patel borrow from First National Bank on January $1,2023.$ First National Bank issues a note with a principal amount of $$480,000,10\%$ annual interest rate, and a $24-$month maturity date on December $31,2024.$ On December $31,2023,$ interest would be accrued for the year $2023.$ This would require a Debit to Interest Receivable for $$48,000$ and a Credit to Interest Revenue for $$48,000.$

True

False

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$3$

LO $9\mathrm{.}6$ Arvan Patel is a customer of First National Bank. Mr$.$ Patel borrow from First National Bank on January $1,2023.$ First National Bank issues a note with a principal amount of $$480,000,10\%$ annual interest rate, and a $24-$month maturity date on December $31,2024.$ On December $31,2024,$ when the Note is paid in

Calendar

full, the bank will record an additional $$48,000$ of Interest Revenue to cover the interest earned during $2024.$

$4$

True

False