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Indicate the best answer(s) for each question: On June 1, 2018, Coast Financial loaned Barr corporation $300,000, receiving in exchange a one-year, 12 percent per year note receivable. Coast ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable.  The interest earned on the note receivable from Barr Corporation during 2018 will amount to:                            a       $36,000                            b       $28,000                            c       $18,000                            d       $21,000

Indicate the best answer(s) for each question: On June 1, 2018, Coast Financial loaned Barr corporation $300,000, receiving in exchange a one-year, 12 percent per year note receivable. Coast ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable.  The interest earned on the note receivable from Barr Corporation during 2018 will amount to:                            a       $36,000                            b       $28,000                            c       $18,000                            d       $21,000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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Indicate the best answer(s) for each question:

On June 1, 2018, Coast Financial loaned Barr corporation $300,000, receiving in exchange a one-year, 12 percent per year note receivable. Coast ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable.  The interest earned on the note receivable from Barr Corporation during 2018 will amount to:

                           a       $36,000

                           b       $28,000

                           c       $18,000

                           d       $21,000

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