On November 1, Mead borrowed from Miller, giving him a $6,000, 3 month, 9% note, interest payable at maturity. Mead made no entry after November 1. On December 31, the end of the accounting period, what is the amount of the interest accrual? Select one: a. $135 b. $90 c. $540 d. $45 e. None of the above

On November 1, Mead borrowed from Miller, giving him a $6,000, 3 month, 9% note, interest payable at maturity. Mead made no entry after November 1. On December 31, the end of the accounting period, what is the amount of the interest accrual? Select one: a. $135 b. $90 c. $540 d. $45 e. None of the above

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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