The following journal entries were recorded by a vendor who sold goods and received promissory notes on 1 July 2008 in exchange. Assuming that the issuer of the promissory notes intends to make three equal payments of $5,000 at the end of each of the three years,30 June 2009,30 June 2010 and,30 June 2011; what is the amount of interest revenue recorded by the vendor at,30 June,2011?
A) Nil.
B) $536
C) $1,014
D) $1,441
E) $4,464

Question

The following journal entries were recorded by a vendor who sold goods and received promissory notes on 1 July 2008 in exchange.  Assuming that the issuer of the promissory notes intends to make three equal payments of $5,000 at the end of each of the three years,30 June 2009,30 June 2010 and,30 June 2011; what is the amount of interest revenue recorded by the vendor at,30 June,2011?
A) Nil. 
B) $536 
C) $1,014 
D) $1,441 
E) $4,464

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 2008 in exchange.  Assuming that the issuer of the promissory notes intends to make three equal payments of $5,000 at the end of each of the three years,30 June 2009,30 June 2010 and,30 June 2011; what is the amount of interest revenue recorded by the vendor at,30 June,2011?
A) Nil. 
B) $536 
C) $1,014 
D) $1,441 
E) $4,464

The Following Journal Entries Were Recorded by a Vendor Who