Charlie Co.lends Caroline Green Inc.$10,000 on June 1, 2011, accepting a five-month, 9% interest-bearing note.Assuming the date Charlie's statement of financial position is September 30, 2011, What amounts will Charlie record related to this note?
A) Charlie Co will not record anything related to the note since it matures on November 1, 2011.
B) Charlie Co will record interest revenue of $900.
C) Charlie Co will record interest revenue of $375
D) Charlie Co will record interest revenue of $300.
Correct Answer:
Verified
Q130: Which of the following is not true
Q139: When calculating interest on a promissory note
Q142: The face value of a note refers
Q151: Maloney Company had net credit sales during
Q176: The maturity value of a $6,000, 9%,
Q179: On January 15,2011 , Raymond Company
Q182: Putnam Company's account balances at December 31
Q183: Rodgers Company lends Lanier Company
Q184: The financial statements of Hudson Manufacturing Company
Q186: On February 1, 2011, Janssen Company sells
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents