Ask Question
21 March, 13:50

On December 1, Bright Company receives a 6% interest-bearing note from Galvalume Company to settle a $20,000 account receivable. The note is due in three months. At December 31, Bright should record interest revenue ofa. $100. b. $600. c. $0. d. $200.

+4
Answers (1)
  1. 21 March, 14:13
    0
    a. $ 100

    Explanation:

    interest revenue = $ 100

    6% of 20000 $ = 1200$

    after 1 month interest would be $1200/12 = $100
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On December 1, Bright Company receives a 6% interest-bearing note from Galvalume Company to settle a $20,000 account receivable. The note ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers