On September 1 of the current year, a bank lens $2,000 to a company; the note principal and $240 ($2,000 x 12 percent) annual interest are due in one year. Answer from the bank’s standpoint.

 

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X Answer is complete but not entirely correct. Revenue Account Affected Amount of Revenue Earned in September a None b Interest revenue 20,240.00 X Sales revenue 19,150 d. None X Answer is complete but not entirely correct. Revenue Account Affected Amount of Revenue Earned in September a None b Interest revenue 20,240.00 X Sales revenue 19,150 d. None

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