On June 1, Davis Inc. issued an $84,000, 5, 120day note payable to Garcia Company Assume that

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On June 1, Davis Inc. issued an $84,000, 5, 120day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30 Using the 360day year, what is the amount of interest revenue (rounded) recognized by Garcia in the following year

a). $1,600

b). $1,050

c). $700

d). $4,200

Related Book For answer-question

Government and Not for Profit Accounting Concepts and Practices

ISBN: 978-1118983270

7th edition

Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith

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Posted Date: Nov 17, 2020 11:35 PM

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On June 1, Davis Inc. issued an $84,000, 5, 120day note payable to Garcia Company Assume that

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Government and Not for Profit Accounting Concepts and Practices

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