Answered

Welcome to Westonci.ca, your ultimate destination for finding answers to a wide range of questions from experts. Explore our Q&A platform to find in-depth answers from a wide range of experts in different fields. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

On August 1, 2021, Turner Manufacturing lends cash and accepts a $17,000 note receivable that offers 2% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021

Sagot :

Ritmeks

Answer:

850

Explanation:

Turners manufactring accepts $17,000 as receivable

The interest is 2%

The year adjustment can be calculated as follows

= 17,000×0.02×5/2

= 17,000×0.02×2.5

= 850

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.