Record the following note receivable transactions in the journal of Town & Country Realty. How much interest revenue did Town & Country earn this year? Use a 365 day year for interest computations, and round interest amounts to the nearest dollar.
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Nov. 1 |
Loaned $50,000 cash to Springfield Co. on a 1 year, 9% note. |
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Dec. 3 |
Performed service for Joplin Corporation, receiving a 90 day, 12% note for $10,000. |
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16 |
Received a $2,000, 6 month, 12% note on account from Afton, Inc. |
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31 |
Accrued interest revenue for the year. |