Question
Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2024. The notes included: Note A: Dated 5/31/2024, principal of $135,000 and
Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2024. The notes included:
- Note A: Dated 5/31/2024, principal of $135,000 and interest due 3/31/2025.
- Note B: Dated 7/1/2024, principal of $227,000 and interest at 8% annually, due on 4/1/2025.
Frankenstein had accrued a total of $16,300 interest receivable from these notes in its 12/31/2024 balance sheet.
The annual interest rate on Note A is closest to:
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Accounting For Non-Accounting Students
Authors: John R. Dyson, Ellie Franklin
9th Edition
978-1292128979, 1292128976
