Hi, so I just have a question on how to find the interest revenue for this question. So I thought it would be 88000x.09x1/12 and got 660 as interest revenue for december 1, 2019 but that doesnt make sense so idk what I was thinking so would it be 88000x.09x12/12 = 7920 also? Im on my last try so Im scared of getting it wrong and getting no points... Explanations would be great, thanks in advance!!

On December 1, 2018, Liang Chemical provides services to a customer for $88,000. In payment for the services, the customer signs a three-year, 9% note. The face amount is due at the end of the third year, while annual interest is due each December 1. Required:

1. Record the acceptance of the note on December 1, 2018. 2. Record the interest collected on December 1 for 2019 and 2020, and the adjustment for interest revenue on December 31 for 2018, 2019, and 2020. 3. Record the cash collection on December 1, 2021.

And then on december 01, 2020, would interest revenue be the same as december 01, 2019?

Date General Journal Debit Credit December 01, 2018 88,000 ' Notes receivable Service revenue 88,000 December 31 2018 Interest receivable 660 Interest revenue 660 December 01 2019 Cash 7,920 Interest revenue 660 December 31, 2019 660 4 Interest receivable Interest revenue 660 December 01 2020 Cash 7,920 Interest revenue 660 Interest receivable 660 December 31, 2020 660 | 6 Interest receivable Interest revenue 660 December 01 2021 01 88,000 8,800 660 Notes receivable Interest receivable