Question
Turtle Island Tours borrows $6,000 from a lender on November 21 with a 90 day term. The interest rate they agree to pay is 3%.
Turtle Island Tours borrows $6,000 from a lender on November 21 with a 90 day term. The interest rate they agree to pay is 3%.
A) Calculate the Interest that should be accrued on December 31:
B) Calculate the total interest on the note:
C) Show the Journal entry required when the note is paid on February 19.
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Modern Internal Auditing Appraising Operations And Controls
Authors: Victor Z. Brink, Herbert N. Witt
4th Edition
0471080977, 978-0471080978
