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A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date?
- Interest Revenue, Interest Expense, Cash
- Interest Receivable, Cash, Notes Receivable
- Interest Revenue, Interest Receivable, Cash, Notes Receivable
- Notes Receivable, Interest Revenue, Cash, Interest Expense
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?
- $7,150
- $65,000
- $14,300
- $2,383
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