The following transactions occurred in September 2013. For each of the transacti

Question

The following transactions occurred in September 2013.

For each of the transaction, if revenue is to be recognized in September,
indicate the revenue account title and amount. If revenue is not to be
recognized in September, explain why:

The following transactions occurred in September 2013.

For each of the transaction, if revenue is to be recognized in September,
indicate the revenue account title and amount. If revenue is not to be
recognized in September, explain why:

a. On Sept 1, 2013 a bank lends $1200 to a company; the note principal and
$144 ($1200 x 12 percent) annual interest are due in one year. Answer from the
bank's standpoint.

Explanation / Answer

The bank lend loan on 1 september,2013 and expectinginterest at 12% at the end of the next year with interest, so we should consider the same in sept 2013.

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