Percy Partners had the following transactions: Oct 31Borrowed $10,000 cash from Susan Corp. Percy Gave Susan an 8-month note at 6% interest as its promise for payment.
Dec 1Performed services for a customer. The Customer gave Percy a 6-month, $900 note at 12% interest.
Dec 31
(Percy's year-end) Accrued interest on both notes for the year-end financial statements (i. e., made the appropriate adjusting record interest at December 31).

June 1Received payment (including interest) from December 1 customer note.
June 30Paid off note to Susan Corp., including interest.

                          Journal entry

Date       General Journal         Debit$       Credit$

Oct 31      Cash                           10000

                      Notes payable                        10000

Dec 1       Account receivable     900  

                       Service revenue                      900

Dec 31     Interest expense         100

                (10000*6%*2/12)

                       Interest payable                       100

                Interest receivable       9

                (900*12%*1/12)

                        Interest revenue                       9

June 1      Cash                             954  

                        Notes receivable                    900

                        Interest receivable                    9

                        Interest revenue                       45

June 30   Notes payable          10000  

                Interest payable         100

                Interest expense        300  

                         Cash                                         10400

answer; im thinking the correct answer is (7years);

oh my god you are going so many marks marks i don't want to give you answers sorry