On December 1, a company accepted a $5,000, 4%, 90-day note. How much accrued interest will be

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On December 1, a company accepted a $5,000, 4%, 90-day note. How much accrued interest will be recorded as an adjusting entry on December 31, the end of the accounting period?

$166.67

$16.67

$1.67

$0.00; interest is not accrued at year-end

Related Book For answer-question

Financial Accounting and Reporting a Global Perspective

ISBN: 978-1408076866

4th edition

Authors: Michel Lebas, Herve Stolowy, Yuan Ding

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Posted Date: Nov 13, 2023 12:02 AM

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On December 1, a company accepted a $5,000, 4%, 90-day note. How much accrued interest will be

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