Verilux Company sold merchandise to Flight Corp. on November 1, 2016, for $10,000. Verilux accepted...
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Accounting
Verilux Company sold merchandise to Flight Corp. on November 1, 2016, for $10,000. Verilux accepted a promissory note from Flight Corp. for $10,000. The note has a term of 5 months and a stated interest rate of 6%. Veriluxs accounting period ends on December 31, 2016.
What amount should Verilux recognize as interest revenue on December 31, 2016?
ANSWERS
$200
$0
$100
$250
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