Business, 06.03.2020 23:33 hartmaaj95

On July 1, Perry Company signed a note with principal of $80,000 and a stated interest rate of 4%. The principal and interest are due on April 1 of the follwing year. Perry will accrue interest on December 31st: $80,000 * 4% * 6/12 = $1,600 Interest is always stated as an annual rate regardless of loan term. The 4% interest is annual and must be multiplied by 6/12 to account for the six months july-december when recording the accrued interest on 12/31Which of the following is an example of accrued receivable?Recording interest revenue before it is received. On October 1, 2017, Swift Corporation received $1,200 from customers for services to be performed evenly over the next 12 months. Swift recorded the orginal transaction in a balance sheet accoumt. The adjusting journal entry on Demcember 31,2017 will include which of the following entries: Debit to deferred revenue $300One of the purposes of adjusting entries is to: recognize all revenues earned during the period

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On July 1, Perry Company signed a note with principal of $80,000 and a stated interest rate of 4%. T...

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