On January 1, Southwest Corp. accepted a one-year note for $70,000 at 5% from one of...
On January 1, Southwest Corp. accepted a one-year note for $70,000 at 5% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company recorded the dishonor. The amount of the debit recorded on December 31 is ________.
A. 66500
B. 3500
C. 70000
D. 73500
Homework Answers
rate positively ..
| Amount of notes = | 70000 | ||||
| Interest for 1 year @ 5% = | 3500 | ||||
| Total amount | 73500 | ||||
| Thereore amount of debit recorded = | 73500 | ||||
| ans is option D) | 73500 |
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