Please give me answer Accounting question On October 1, 2015, Ealys Jewelers accepted a 4-month, 12% notefor $6,000 in settlement of an overdue account receivable. The companycloses its accounts at the yearend. Calculate and record the accruedinterest on the note at December 31, 2015.a. $180.b. $140.c. $240.d. $160.

Step 1: Define Accrued RevenuesAccrued revenues are revenues that are recorded using an adjusting…

Answered: On October 1, 2015, Ealys Jewelers…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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On October 1, 2015, Ealys Jewelers accepted a 4-month, 12% note for $6,000 in settlement of an overdue account receivable. The company closes its accounts at the yearend. Calculate and record the accrued interest on the note at December 31, 2015. a. $180. b. $140. c. $240. d. $160.