Question
On June 8, Alton Co. issued an $60,800, 12%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June
On June 8, Alton Co. issued an $60,800, 12%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the nearest dollar.
$7,296
$1,986
$608
$1,216
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Accounting What The Numbers Mean
Authors: David H. Marshall, Wayne William Mcmanus, Daniel Marshall Viele, Mcmanus Marshall, Daniel F. Viele
10th Edition
1259060705, 978-1259060700
