Question

Assignments Do Homework 1. Compute the amount of interest during 2018, 2019, and 2020 for the following note receivable: On May 31, 2018, Trenton Bank loaned $200,000 to Bob Morrison on a two-year, 10% note 2. Which party has an): (a) note receivable? (b) note payable? (c) interest revenue? (d) interest expenso? 3. How much in total would Tronton Bank collectif Bob Morrison paid off the note early on November 30, 2018? Take a Quiz/Test 1. Compute the amount of interest during 2018, 2019 and 2020 for the following not receivable On May 31, 2018. Tronton Bank loaned $200,000 to Bob Morrison on a two-year, 10% note. (Round the interest amounts to the nearest whole dollar) Year Amount of interest 2018 2019 2020 Enter any number in the edit fields and then click Check Answer Clear All Check Answer 2 parts remaining To see what to study next, go to your Study Plan 814 PM AP

Answer 1

	Year	Amount of Interest	Calculation
1.	2018	$11,667	(200000*10%*7/12)	1 June to 31 Dec = 7 months
	2019	$20,000	(200000*10%)	1 Jan to 31 Dec = 5 months
	2020	$8,333	(200000*10%*5/12)	1 Jan to 31 May = 5 months
		Party
2.	(a) Note receivable	Trenton
	(b) Note payable	Bob morrison
	(c ) Interest revenue	Trenton
	(d) Interest expense	Bob morrison
3.	Interest from June 1, 2018 to November 30, 2018 = 6 months*200000*10%/12
	Interest from June 1, 2018 to November 30, 2018 = 6/12*200000*10%
	Interest from June 1, 2018 to November 30, 2018 = $10,000

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