Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 01 Aug 2017 My Price 5.00

Moiton Co

Moiton Co.’s assets include notes receivable from customers. During fiscal 2010, the amount of notes receivable averaged $46,250, and the interest rate of the notes averaged 6.4%.

Required:
a. Calculate the amount of interest income earned by Moiton Co. during fiscal 2010 and show in the horizontal model or write a journal entry that accrues the interest income earned from the notes.
b. If the balance in the Interest Receivable account increased by $1,200 from the beginning to the end of the fiscal year, how much interest receivable was collected during the fiscal year? Use the horizontal model, a T-account, or write the journal entry to show the collection of this amount.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Aug 2017 04:08 PM My Price 5.00

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