Whitehurst Creek Shop reported interest revenue of $9,500 and its Interest Receivable account decreased $1,200 during the same period. Interest received for the period amounted to:

Question

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Interest revenue reported by the company was $9,500, and its Interest Receivable account decreased by $1,200. This means that $1,200 of the interest earned by the company was collected during the period, and the remaining balance of $9,500 + $1,200 = $10,700 was received as interest during the same period. Therefore, the correct answer is C) $10,700.

Whitehurst Creek Shop Reported Interest Revenue of $9,500 and Its