On December 1, a company accepted a $5,000, 4%, 90-day note. How much accrued interest will be
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Question:
On December 1, a company accepted a $5,000, 4%, 90-day note. How much accrued interest will be recorded as an adjusting entry on December 31, the end of the accounting period?
$166.67
$16.67
$1.67
$0.00; interest is not accrued at year-end
Related Book For
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
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