On March 1, 2020, Monicas Closet performed organization services for a client in exchange for a $6000
Fantastic news! We've Found the answer you've been seeking!
Question:
On March 1, 2020, Monica’s Closet performed organization services for a client in exchange for a $6000 note receivable (3% interest rate, interest and principal due December 31, 2020). On May 1, 2020, Phoebe’s Bank agreed to discount the note at a 2% discount rate. What is the interest revenue or interest expense Monica's Closet records upon transferring the note? If interest expense, give as a negative number. Do not use $ or commas in your answer.
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date: