12points Item 6 Item 6 12 points On April 1, 2019, a firm accepted a 6-month,...
12points
Item 6
Item 6 12 points
On April 1, 2019, a firm accepted a 6-month, 10 percent note for $2,760 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended June 30, 2019, is
Multiple Choice
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$230.
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$276.
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$92.
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$69.
Homework Answers
Correct answer---------$69
Working
Interest will be accrued for three years. (2470 x 10% x (3/12))
| Value of note | Total interest for 1 year | Time period of note | Interest earned | |
| $ 2,760.00 | $ 276.00 | 3 months | $ 69.00 |
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12points
Item 6
Item 6 12 points
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