Homework Answers
No.3
Note 5
No of days from 15 November to 31st December = (30-15)+31=46 days
Accrued Interest=36000*8%*46/360 =368
Note 6
No of days from 10th December to 31st December = 31-10=21 days
Accrued Interest=24000*6%*21/360 =84
Total Accrued Interest=368+84+452
Journal Entry
31st Dec Interest Receivable 452
Interest Revenue 452
No.4
Journal Entry
Jan 14 Cash 36480
Notes Receivable 36000
Interest Receivable 368
Interest Revenue 112
Feb 8
Cash 24240
Notes Receivable 24000
Interest Receivable 84
Interest Revenue 156
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