On November 1, 2019, a firm accepted a 5-month, 10 percent note for $420 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2019, is:
$14.
$42.
$7.
$35.
Interest accrued on December 31
= 420 * 10% * 2 months / 12 months
= 7
Option C is the answer
On November 1, 2019, a firm accepted a 5-month, 10 percent note for $420 from a...
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