What is the amount of interest revenue that must be accrued on December 31st for a nine-month, 6%, $2,000 note receivable that was accepted on November 1st? Interest Accrued:

$20

Explanation:

The amount of interest accrued = Note amount * Interest rate * Number of months expired till December 31/ 12 months

= $2,000 * 6% * 2/12

= $20.

Thus, the interest accrued = $20

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