Question: payment should include a debit to Interest Payable for $529 debit to Interest Expense for $529 credit to Cash for $52,936 credit to Cash for

payment should include a debit to Interest Payable for $529 debit

payment should include a debit to Interest Payable for $529 debit to Interest Expense for $529 credit to Cash for $52,936 credit to Cash for $59,288 On June 8, Alton Co. issued an $74,400, 10%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the nearest dollar. $620 $7,440 C$2,025 $1,240 C (tri) - hp a 4 X

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