On October 1,2018,Mandy's Electronic sold merchandise in exchange for a 4 month,$50,000 note receivable,with 3% interest.Interest revenue of $500 is earned in 2018.

Name: On October 1,2018,Mandy's Electronic sold merchandise in exchange for a 4 month,$50,000 note receivable,with 3% interest.Interest revenue of $500 is earned in 2018.
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Question

Quizplus · Accepted Answer

2018 Interest Revenue: $50,000 × 0.03 × 3/12 = $375
2019 Interest Revenue: $50,000 × 0.03 × 1/12 = $125

On October 1,2018,Mandy's Electronic Sold Merchandise in Exchange for a 4