Maurice Inc. was started on January 1, 2017 and provided you with the following ending balances of
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Maurice Inc. was started on January 1, 2017 and provided you with the following ending balances of its accounts on December 31, 2017:
? Note payable A was issued by Maurice Inc. on March 31, 2017. The principal and the interest are due on March 31, 2018. Annual interest rate is 100/0. The interest expense for 2017 was not recorded.
? Note payable B was issued by Maurice Inc. on July 1, 2017. The interest is payable semi-annually on July 1 and January 1 every year. Annual interest rate is 8%. The principal is due on December 31, 2019. Interest on Note B has not been recorded in 2017.
What is the interest expense?
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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