On 1st Sept 2020 Sun and sand LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 120 days. The interest rate is 12%. The amount of interest to be recorded in account on 31 December will be a. RO 80 b. RO 78.9 c. RO 81.35 d. RO 76

On 1st Sept 2020 Sun and sand LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 120 days. The interest rate is 12%. The amount of interest to be recorded in account on 31 December will be a. RO 80 b. RO 78.9 c. RO 81.35 d. RO 76

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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