The following balloon notes payable are owed by Petry Company, as of December 31 , 2017. Issuance
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Question:
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?
Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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