On September 1, 2019, a firm accepted a 6-month, 8% note for $36,000 from a customer...
On September 1, 2019, a firm accepted a 6-month, 8% note for $36,000 from a customer with an overdue account balance. The accrued interest recorded for this note on December 31, 2019, is?
options
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$2,880.00
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$960.00
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$240.00
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No accrual is necessary
Homework Answers
Accrued interest recorded for this note on December 31, 2019= $36000*8%*4/12= $960
From September 1, 2019 to December 31, 2019= 4 months
So, the answer is option B) $960.00
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