Final answer:
To calculate the interest revenue earned on the note receivable in the 2015 accounting period, multiply the principal of $10,000 by the annual interest rate of 6% and the time factor for the remainder of the year. The correct amount of interest revenue earned is $150, option (a).
Step-by-step explanation:
The question involves calculating the interest revenue earned during a particular accounting period on a note receivable. The note was a 4-month, 6%, $10,000 note received on October 1, 2015. We'll need to determine the amount of interest that will accrue from October 1 until December 31 (the end of the accounting period).
The formula for simple interest is: Interest = Principal × Rate × Time. For this note, the Principal is $10,000, the annual Rate is 6%, and the Time (in years) for the 2015 accounting period would be 3 months out of 12, or 0.25 years.
So, we'll calculate the interest revenue as follows:
Interest = $10,000 × 0.06 × 0.25 = $150
Therefore, the interest revenue earned during 2015 on this note is $150, which corresponds to option (a).