On November 1, 2019, a firm accepted a 5-month, 10 percent note for $1,380 from a...
On November 1, 2019, a firm accepted a 5-month, 10 percent note for $1,380 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2019, is
Multiple Choice
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$23.
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$115.
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$46.
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$138.
Homework Answers
Answer: The correct answer is $23
Accrued Interest = Principal Amount * Interest Rate * Period
Incurred / 12 months
Accrued Interest = $1,380 * 10% * 2/12
Accrued Interest = $23
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