13. On June 1, 2013, Yonder Company loaned P500,000 on a 12% note, payable in five annual installments of P100,000 beginning January 1, 2014. Interest on the note is payable on the first day of each month beginning July 1, 2013. The borrower made timely payments through November 1, 2013. On January 1, 2014, the entity received payment of the first principal installment plus all interest due. On December 31, 2013, what amount should be reported as accrued interest receivable? а. 0 b. 5,000 C. 10,000 d. 15,000

13. On June 1, 2013, Yonder Company loaned P500,000 on a 12% note, payable in five annual installments of P100,000 beginning January 1, 2014. Interest on the note is payable on the first day of each month beginning July 1, 2013. The borrower made timely payments through November 1, 2013. On January 1, 2014, the entity received payment of the first principal installment plus all interest due. On December 31, 2013, what amount should be reported as accrued interest receivable? а. 0 b. 5,000 C. 10,000 d. 15,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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