Absolute Appliances The company sold merchandise to a customer on December 1, 2019, for $120,000. The...
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Absolute Appliances The company sold merchandise to a customer on December 1, 2019, for $120,000. The company accepted a promissory note as payment. The note has a term of three months and an annual interest rate of 10%. The company's accounting period ends on December 31. Refer to Absolute Appliances. What amount should the company recognize as interest revenue on December 31, 2019? Oa. $11,000 Ob. $1,000 Oc. $-0- Od. $12,000 Absolute Appliances The company sold merchandise to a customer on December 1, 2019, for $120,000. The company accepted a promissory note as payment. The note has a term of three months and an annual interest rate of 10%. The company's accounting period ends on December 31. Refer to Absolute Appliances. What amount should the company recognize as interest revenue on December 31, 2019? Oa. $11,000 Ob. $1,000 Oc. $-0- Od. $12,000
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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