Crawler's Appliance Shop reported interest revenue of $9,000 for the year. Interest Receivable at the beginning of the year was $4,100 and $3,500 at the end of the year. Interest received for the period amounted to:

Question

Quizplus · Accepted Answer

To find out the interest received for the period, we need to add the interest receivable at the beginning of the year to the interest revenue and then subtract the interest receivable at the end of the year. So, the calculation would be:

Interest received = (Interest receivable at the beginning of the year + Interest revenue) - Interest receivable at the end of the year
Interest received = ($4,100 + $9,000) - $3,500
Interest received = $13,100 - $3,500
Interest received = $9,600

Therefore, the answer is A) $9,600.

Crawler's Appliance Shop Reported Interest Revenue of $9,000 for the Year