Question
On May 1, Claus Gordon Builders lends Lightfoot Construction $15,000 for new equipment on a 3-month, 5% note, which Lightfoot pays in full when it
On May 1, Claus Gordon Builders lends Lightfoot Construction $15,000 for new equipment on a 3-month, 5% note, which Lightfoot pays in full when it comes due. (a) Calculate the amount of interest that Lightfoot will owe, and (b) show the journal entry Claus will make to record receiving the payment and interest.
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
