Wednesday
March 22, 2017

Post a New Question

Posted by on Tuesday, October 14, 2008 at 4:24am.

Interest on a $20000 one-year 10 percent note payable dated October 1 2007 was not recorded. The 10 percent interest is payable on the maturity date of the noteWhat is the interest income

  • Accounting - , Tuesday, October 14, 2008 at 3:39pm

    What is the maturity date?

  • Accounting - , Wednesday, October 15, 2008 at 1:19am

    20,000*0.1=2,000 is the interest income, since the note is for one year, so the percentage should be applied to the principal amount.

    If you have any questions in future related to accounting, economics and other business studies, just visit my virtual office at Liveperson website. search for Accounting Troubleshooter and get fast and accurate answer

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question