On November 1, 2016, a firm accepted a 4 month, 10 percent note for $900 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2016, is: a) $90 b) $75 c) $30 d) $15

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
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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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On November 1, 2016, a firm accepted a 4 month, 10 percent note
for $900 from a customer with an overdue balance. The accrued
interest recorded for this note for the year ended December 31,
2016, is:
a) $90
b) $75
c) $30
d) $15
Transcribed Image Text:On November 1, 2016, a firm accepted a 4 month, 10 percent note for $900 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2016, is: a) $90 b) $75 c) $30 d) $15
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