Retarances eBook& Resourcas Worksheet omcuty 3 Hard g Oblectwe 09-1 Prepaire enr

Question

Retarances eBook& Resourcas Worksheet omcuty 3 Hard g Oblectwe 09-1 Prepaire enrlas to account for shon-term notes payat check my wk Required Information 1.11 pomls TyTell Coetered to the folowing transections involvrg short-term Iblties 2015 ond 2016 4. Delerine e inlees expese lo be recurded in 201G. Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 da 20 Ap 20 Purchesed $36,500 of merchendse on credrt from Loco, terms n30. Tyrel uses the p peluol inventoy system Irtercsto b recrded in 2010 note boa1ng yb annual intarestelorg wth paying $1. n cash. July 3 Borrowed $60,000 cash from NBR Banx by signing 120 day. 10% irteest bearng note with a sce valu of $60.000. --Paid the Mount t Le an the none to NBie Raikat th matur ry data bcaring note with a fec of S27.00. Dec. 31 Recorced an adjustrg entry for acrued intereson the nate to Fero Berk. References eBook & Resourees gclo Requred Inlormelkon 1.11 points

Explanation / Answer

Fargo Bank Principal X Rate X Time = Interest Interest to be accrued in 2016 27000 X 9% X 27/360 = 182

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