S Sing has liquidity problems and an account payable, S Arnautovic, has applied interest on the overdue
Question:
S Sing has liquidity problems and an account payable, S Arnautovic, has applied interest on the overdue portion of the account still not paid. The amount owing to S Arnautovic is $14 000 and interest has been charged at 10% p.a. for four months (rounded to the nearest dollar).
Prepare the appropriate journal for S Sing to process the above transaction.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Accounting An Introduction To Principles And Practice
ISBN: 9780170403832
9th Edition
Authors: Edward A. Clarke, Michael Wilson
Question Posted: