The following balloon notes payable are owed by Petry Company, as of December 31 , 2017.

Issuance Coupon Rate

Lender Date Principal Term

Nissim 10/31/17 $20,000 11% 9 Months

Klein 11/30/17 $15,000 8% 8 Months

Bildersee 11/30/17 $17,000 10% 5 Months

What is Petry Company's accrued interest for all notes payable owed as of March 31, 2018? (Tip: Use a 12 months per year convention).

Sales on account would produce what effect on the balance sheet?

Cash collected on accounts receivable would produce what effect on the balance sheet?

Answer rating: 100% (QA)

To calculate Petry Companys accrued interest for all notes payable owed as of March 31 ... View the full answer