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What is the amount of interest revenue recognized

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Question - On June 1, X Inc issued an $84,000 5% 120 day note payable to Smith Company. Assume that the fiscal year of Smith ends June 30. Using a 360 day year. What is the amount of interest revenue recognized by Smith in the following year?

a. $1600 b. $4200 c. $1,062 d. $700

What is the entry to journalize the closing entry year end - Service revenue $750 and Rent revenue $175.

Reference no: EM132773875

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