Your company lent $165,000 to a customer on April 1. The customer signed a 7-...
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Accounting
Your company lent $165,000 to a customer on April 1. The customer signed a 7- month, 7% interest bearing note. The amount borrowed with accrued interest is due on November 1. Your company's fiscal year end is June 30. Interest calculations is based on months. How much interest revenue is recognized on November 1: $2,887.50 $3,850.00 $962.50 $4,950.00 $1.925.00
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