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Tutorial   15571

On October 1, Black Company receives a 6% interest bearing note from Reese Company to settle a $20,000 account receivable. The note is due in six mont...

Question:

On October 1, Black Company receives a 6% interest bearing note from Reese Company to settle a $20,000 account receivable.  The note is due in six months.  At December 31, Black should record interest revenue of

a)            $0

b)            $600

c)            $300

d)            $100

 

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