Question
On June 1, 2017, Kevin Co loaned an employee $17,000 for 9 months.The employee signed a note. The annual interest rate on the note will
On June 1, 2017, Kevin Co loaned an employee $17,000 for 9 months.The employee signed a note. The annual interest rate on the note will be 6%. The employee will pay the principal in and interest when it comes due in 2018.
Whenthe note comes due in 2018, the credit to interestreceivable will be $
I don't understand why its not (17000*.06)*(2/12) can you please explain why it's not Thanks
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Accounting Information Systems
Authors: Robert Hurt
4th Edition
78025885, 78025884, 9781259293795 , 978-0078025884
