Question: Hello, Please help me explaining how to resolve the problem: On June 1, X Inc issued an $84,000 5% 120 day note payable to Smith

Hello,

Please help me explaining how to resolve the problem:

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.

Thank you!

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