The Stephens Company has the following notes receivable outstanding on December 31.

In preparation for adjusting entries, the accounting clerk has calculated accrued interest as follows:

Instructions:

1. Verify the calculations.
2. If you find any errors, recalculate to find the correct amount of accrued interest.

Transcribed Image Text:

No. Date of Note Term Interest Principal 56 September 12 120 days 10% $1,600.00 59 October 3 90 days 10% $900.00 63 November 30 60 days 9% $2,000.00