Question: The note payable to Royce computers (transaction 04 and 07) is a five-year note, with the interest at the rate of 12 percent annually. Interest

The note payable to Royce computers (transaction 04 and 07) is a five-year note, with the interest at the rate of 12 percent annually.

Interest expense should be computed based on a 360 day year.

*Transaction 4 :

computer equipment Debit 165000

Cash Credit 33000

Notes payable 132000

*Transaction 7

Notes payable Debit 25250

Cash Credit 25250

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