A company purchased land for $91,000 cash. Commissions of $12,500, property taxes of $13,000, and title insurance of $4,000 were
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Answer:
credit to interest revenue for $132
Explanation:
given data
face value = $8,800
interest rate = 6 %
time = 90 days
solution
if we see here journal entry that is
date particular debit credit
October 30 cash A/C $8932
to notes payable $8800
to interest revenue $132
( $8800× 6% × )
so here credit to interest revenue for $132