On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12...

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On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12 month, 9% note receivable. Calcul

business accounting

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Answer 1

Answer #1

ANSWER

2021:

Interest Revenue = $40,000 × 9% × 3/12 = $900

2022:

Interest Revenue = $40,000 × 9% × 9/12 = $2,700

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Answer 2

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