Question
The company sold merchandise to a customer on December 1, 2019, for $100,000. The customer paid with a promissory note that has a term of
The company sold merchandise to a customer on December 1, 2019, for $100,000. The customer paid with a promissory note that has a term of 6 months and an annual interest rate of 9%. The companys accounting period ends on December 31.
What amount should the company recognize as interest revenue on December 31, 2019?
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Process Driven Comprehensive Auditing A New Way To Conduct ISO 9001 2008 Internal Audits
Authors: Paul C. Palmes
2nd Edition
0873897544, 978-0873897549
