Provide correct solution and accounting Blueridge Industries accepted a 6-month, 8.75% (annual rate), $7,200 notefrom one of its suppliers on April 15. Interest is payable with the principal atmaturity. What is the dollar amount of interest that Blueridge earned on thenote between April 15 and August 15?

To calculate the interest earned on the note, we use the simple interest formula: Interest =…

Answered: Blueridge Industries accepted a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Similar questions

Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
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A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
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Blueridge Industries accepted a 6-month, 8.75% (annual rate), $7,200 note from one of its suppliers on April 15. Interest is payable with the principal at maturity. What is the dollar amount of interest that Blueridge earned on the note between April 15 and August 15?