Kanika's Tutoring Service incurred the following transactions: 2021 May 10 Received Cash from a 60-day, 12% p.a. (based on 365 days), $20,000 bill payable. The principal and interest are repaid at maturity. June 30 Made adjusting entry to accrue interest expense on the bill. July 9 Paid total amount due on the 12% bill. How much will Kanika's Tutoring Service need to accrue for interest expense on June 30? (Note: there are 31 days for the month of May) Select one: O a. $49.89 O b. $276.82 c. $338.78 O d. $335.34

Kanika's Tutoring Service incurred the following transactions: 2021 May 10 Received Cash from a 60-day, 12% p.a. (based on 365 days), $20,000 bill payable. The principal and interest are repaid at maturity. June 30 Made adjusting entry to accrue interest expense on the bill. July 9 Paid total amount due on the 12% bill. How much will Kanika's Tutoring Service need to accrue for interest expense on June 30? (Note: there are 31 days for the month of May) Select one: O a. $49.89 O b. $276.82 c. $338.78 O d. $335.34

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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