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dmurdock1973
31.07.2019 •
Business
On november 1, alan company signed a 120-day, 8% note payable, with a face value of $9,000. what is the adjusting entry for the accrued interest at december 31 on the note? (use 360 days a year.)
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Ответ:
interest lost 118,84
interest to accrue 118,84
Explanation:
First we must determine the value of the interest-free debt to know how much has accrued as of December 31.
So we must raise the equation with the information given.
9.000= X + X . (0,08 . 120 / 360 )
where the X is the value of the interest-free debt
9.000= X + X0,02667
9.000/1,02667 = X
8766,21 = X
determined the value of the interest-free debt, we can get the value of the interest 9.000-8.766.21 = 233,79 interest
Interest can also be obtained by multiplying the value of the debt by the interest rate and the term 8.766,21 . 0,08 . (120/360) = 233,76 (
rounding difference)
then determined the interests for 120 days we must determine the accrued interest from November 1 to December 31 (61 days)
i61= 233,79 . 61 . / 120
i61 = 118,84
then we make the entry for accrued interest as in the answer
Ответ:
Explanation:
It’s C I think….