Question
On November 1, Mead borrowed from Miller, giving him a $6,000, 3 month, 9% note, interest payable at maturity. Mead made no entry after November
On November 1, Mead borrowed from Miller, giving him a $6,000, 3 month, 9% note, interest payable at maturity. Mead made no entry after November 1.
On December 31, the end of the accounting period, what is the amount of the interest accrual?
Select one:
a. $135
b. $90
c. $540
d. $45
e. None of the above
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Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
111919167X, 9781119191674
