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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Financial Reporting And Analysis
Authors: Lawrence Revsine, Daniel Collins
4th Edition
0073527092, 978-0073527093
