October 17- Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day,...
October 17- Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17.
Interest was accrued on the note receivable received on October 17. Assume 360 days per year.
Interest receivable (dr)_______________
Interest revenue (cr)________________
Homework Answers
The year end is Dec 31st and the no of days completed to accrue interest between Oct 17 and dec 31st is 75 days
Interest accrued= (days/360)*yearly interest* amount
=(75/360)*9%*100000
=1875
Interest receivable(db) 1875
interest revenue(Cr)1875
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October 17- Sold office equipment in exchange for $135,000 cash
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