On April 1,2016,a firm accepted a 3-month,10 percent note for $1,800 from a customer with an overdue balance.The accrued interest recorded for this note for the year ended May 31,2016,is

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The interest for one month is calculated as $1,800 * 10% / 12 = $15. Since the note is for 3 months, the interest for two months (April and May) is $15 * 2 = $30.

On April 1,2016,a Firm Accepted a 3-Month,10 Percent Note for $1,800