Answer:
Since on July 9, Mifflin Company receives a $ 10,200, 90-day, 6% note from customer Payton Summers as payment on account, to determine what entry should be made on July 9 to record receipt of the note the following calculation must be performed :
90 days = 3 months
6/12 x 3 = 1.5%
10,200 x 1,015 = 10,353
Therefore, a debt cancellation for $ 10,200 must be made in the company's accounting records, plus an interest generation for $ 153, which will be justified by the cash income of $ 10,353.
Answer:
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Step-by-step explanation:
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It's the day of the week after Thursday and b4 Saturday
For the answer to the question above, n the 1st month, the accrued interest is ___ (1/12) * .0525 * 135400
subtract the interest from the payment to find the change in the principal for the 2nd month
find the 2nd month's interest and subtract from the payment to find the amount applied to principal. Then that's it!
