(b) An accountant needs to allocate the principal and simple interest on a loan payment into the appropriate ledgers. If the amount received was $10,267.21 for a loan that spanned April 14 to July 31 at 9.1%, how much was the principal and how much was the interest?

(b) An accountant needs to allocate the principal and simple interest on a loan payment into the appropriate ledgers. If the amount received was $10,267.21 for a loan that spanned April 14 to July 31 at 9.1%, how much was the principal and how much was the interest?

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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