The following journal entries were recorded by a vendor who sold goods and received promissory notes on 1 July 2012 in exchange. Assuming that the issuer of the promissory notes intends to make three equal payments of $5000 at the end of each of the 3 years,30 June 2013,30 June 2014 and 30 June 2015; what is the amount of interest revenue recorded by the vendor at 30 June 2015?
A) Nil
B) $536
C) $1014
D) $1441

Question

The following journal entries were recorded by a vendor who sold goods and received promissory notes on 1 July 2012 in exchange.  Assuming that the issuer of the promissory notes intends to make three equal payments of $5000 at the end of each of the 3 years,30 June 2013,30 June 2014 and 30 June 2015; what is the amount of interest revenue recorded by the vendor at 30 June 2015?
A) Nil 
B) $536 
C) $1014 
D) $1441

Quizplus · Accepted Answer

The Answer of The following journal entries were recorded by a vendor who sold goods and received promissory notes on 1 July 2012 in exchange.  Assuming that the issuer of the promissory notes intends to make three equal payments of $5000 at the end of each of the 3 years,30 June 2013,30 June 2014 and 30 June 2015; what is the amount of interest revenue recorded by the vendor at 30 June 2015?
A) Nil 
B) $536 
C) $1014 
D) $1441

The Following Journal Entries Were Recorded by a Vendor Who