Outer Armour (OA) is a company that sells high quality outerwear. OA has accepted two...
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Accounting
Outer Armour OA is a company that sells high quality outerwear. OA has accepted two notes receivables from customers and has a December yearend.
Note Receivable A On September OA accepted a $ months note receivable with an interest rate of Interest and the principal balance are due at maturity.
Note Receivable B On October OA accepted a $ note receivable with an interest rate of Interest is paid the first day of each following month and the principal is due at maturity on June
Required:
This part of the question is not part of your Connect assignment.
How many months need to be accrued for Notes Receivable A and B as of December
Prepare the adjusting journal entries to accrue the interest for Note Receivable A and Note Receivable B as at December Round your final answers to the nearest whole dollars.
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