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On March 1,2014,Bayonne Services made a loan to one of its officers.The officer signed a 6-month note for $4,000 at 8%.Bayonne generally accrues interest at year-end only,so at the time the note matured,Bayonne had not accrued any interest revenue.On August 1 when the note matured,the officer settled in full with the company.How much interest revenue did Bayonne record?
Retail Inventory Method
The retail inventory method is an accounting technique used by retailers to estimate their inventory's ending balance/cost based on the relationship between the cost of merchandise and its retail price.
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