Question
The note payable to Royce computers (transaction 04 and 07) is a five-year note, with the interest at the rate of 12 percent annually. Interest
The note payable to Royce computers (transaction 04 and 07) is a five-year note, with the interest at the rate of 12 percent annually.
Interest expense should be computed based on a 360 day year.
*Transaction 4 :
computer equipment Debit 165000
Cash Credit 33000
Notes payable 132000
*Transaction 7
Notes payable Debit 25250
Cash Credit 25250
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Accounting Theory Conceptual Issues in a Political and Economic Environment
Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki
9th edition
9781483375014, 1483375013, 9781506300108, 1506300103, 978-1483375021
