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How much interest is to be added for late payment

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Reference no: EM132782227

Problem 1: In a credit sale of inventory using the perpetual inventory method, which of the following accounts is not affected?

A. Inventory

B. GST payable

C. Accounts receivable control

D. GST receivable

Problem 2: The business hires an office manager at $700 a week. The immediate effect on the accounting equation is to:

A. increase equity by $700 and decrease the asset cash by $700.

B. decrease the asset cash by $700 and decrease equity by $700.

C. no effect as this is not a business transaction.

D. increase wages by $700 and decrease equity by $700.

Problem 3: An invoice for $275 has been overdue for two months and the terms of trading stated that 15% p.a. interest would be charged for late payments. How much interest is to be added for late payment?

A. $ 4.13

B. $41.25

C. $ 6.88

D. $68.80

Reference no: EM132782227

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