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Alex787 [66]
4 years ago
12

Bank of College Park loaned $9,000 to a customer on May 1, 2018, accepting a 9-month, 8% note. The bank recorded the transaction

properly on May 1. As of year-end on December 31, 2018, what adjusting entry will the bank make with respect to this note? Group of answer choices Unearned interest 480 Interest revenue 480 Interest receivable 720 Interest revenue 720 Interest Receivable 540 Interest revenue 540 Interest receivable 480 Interest revenue 480
Business
1 answer:
VMariaS [17]4 years ago
6 0

Answer:

Interest receivable 480 Interest revenue 480

Explanation:

The adjusting entry is shown below:

Interest receivable Dr 480  ($9,000 × 8% × 8 months ÷ 12 months)

        To Interest revenue 480

(Being the interest receivable is recorded)

The interest receivable is debited as it increased the assets and credited the interest revenue as it also increased the revenue

The eight months are considered from May 1,2018 to December 31,2018

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artcher [175]

Answer:

4.15%

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3 years ago
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3 years ago
what tax software program do you feel would be your best choice today and why do you think it is the best? ​
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3 years ago
At an activity level of 6,900 units in a month, Zeus Corporation's total variable maintenance and repair cost is $408,756, and i
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Answer:

Total cost= $650,857

Explanation:

Giving the following information:

At an activity level of 6,900 units in a month, Zeus Corporation's total variable maintenance and repair cost is $408,756, and its total fixed maintenance and repair cost is $230,253.

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