Question: The note payable to Royce Computers (transactions 04 and 07) isa five-year note, with interest at the rate of 12 percent annually.Interest expense should be

The note payable to Royce Computers (transactions 04 and 07) isa five-year note, with interest at the rate of 12 percent annually.Interest expense should be computed based on a 360 day year.Here are the transactions:June 2: Check # 5002 was used to make a down payment of$27,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of theco..

Where did the 288 in the Interest expense come from?

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