Best,IncLoaned $100,000 for Three Months on November 1 to One

question 172

Multiple Choice

Best,Inc.loaned $100,000 for three months on November 1 to one of its customers at the rate of 6%.The principal amount of the loan plus interest is due on the following February 1.The related adjusting entry was recorded on December 31.What is the amount of interest revenue that should be included in the entry dated February 1?

• A) 0
• B) $2000
• C) $1000
• D) $500.

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