Concept Introduction Interest Revenue: The income received by a business from investments made by them or debts they hold is known as interest revenue. Even though interest has not yet been paid in cash, a company must record it as revenue under the accrual basis of accounting. The interest revenue in Year 1 and Year 2.

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Chapter 7, Problem 16QS

To determine

Concept Introduction

Interest Revenue: The income received by a business from investments made by them or debts they hold is known as interest revenue. Even though interest has not yet been paid in cash, a company must record it as revenue under the accrual basis of accounting.

The interest revenue in Year 1 and Year 2.

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