On December 1, Dmitry Company executes a three-month, 6% note receivable, with a face value of $15,000.
Question:
On December 1, Dmitry Company executes a three-month, 6% note receivable, with a face value of $15,000. What amount of interest income is accrued at December 31 on the note?
At the end of March, the unadjusted trial balance of OWL, Inc. included the following accounts:
Sales Revenue $ 600,000
Accounts Receivable $ 240,000
Allowance for Doubtful Accounts $ 1,800
OWL uses the balance sheet approach in estimating uncollectible accounts expense, and aging the accounts receivable indicates the estimated uncollectible portion to be $8,600.
What is the amount of uncollectible accounts expense recognized in OWL's income statement for March?
Understanding Financial Accounting
ISBN: 978-1118849385
1st Canadian Edition
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald