Interest Receivable

Jose owns a XYZ Furniture. On January 1 Ahmed purchased a living room furniture set for $15,000 and paid with a 5%/annum notes receivable. The due date for the receivable is 1 year after purchase. Complete the calculations and journal entries required for this transaction

July 15,2022 - ABC Co loaned Xinyan $15,000 on a 9 month notes receivable at an interest rate of 8%/annum. Complete all transactions required.

Amount of note

Interest% /annum

Terms (length)

Interest amount

Total payable

5,000 10% 3 month 300,000 5% 5 years 15,000 8% 12 months 25,000 6% 18 months