Try another version of these questions A table of notes receivable for 2020 follows: For each of the notes receivable, compute the amount of interest revenue earned during 2020. Round to the nearest dollar. Runway Company has a six-month $20,900, 6% note receivable from Breezy Winters signed on June 1, 2020. Breezy Winters defaults on the loan on December 1. Journalize the entry for Runway Company to record the default of the loan. Notes Principal Interest Rate Period Note 1 $25,500 4% 2 months Note 2 $8,000 5% 60 days Note 3 $32,900 13% 330 days Note 4 $101,900 9% 7 months Notes Principal Interest Rate Interest Period Interest Revenue Earned Note 1 2/12 Note 2 60/360 Note 3 330/360 Note 4 7/12 Notes Principal Interest Rate Interest Period Interest Revenue Earned Note 1 25,500 4 2/12 170 Note 2 8,000 5 60/360 67 Note 3 32,900 13 330/360 3921 Note 4 101,900 9 7/12 5350 Date Description Debit Credit December 1 December 1 December 1 Date Description Debit Credit December 1 A/R 21,527 December 1 Notes Receivable 20,900 December 1 Interest Revenue 627
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