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3 years ago

On February 1, Light Co. received a $20,000, 120 day, 9% note from Dark Co.

Business

1 answer:

kotykmax [81]3 years ago

7 0

Answer:

The answer is C.

Explanation:

The year is 360 days.

Annual rate is 9%

Therefore, interest rare for the 120-day is 3%[(120/360) x 9%]

So, the interest on the rate is:

3% x $20,000

$600.

The total amount collected from Dark Co. will be principal + interest

$20,000 + $600 = $20,600

According to the accounting rule, debit increases asset and expenses and vice-versa while credit decreases liability, equity, income and vice versa.

So we have:

Dr Cash $20,600

Cr: Receivable $20,000

Cr: Interest Revenue $600.

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