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How much should GE record as interest payable on December

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Question 1 - On December 31, 2016, Divers LLC provided diving instructions to 30 customers who will be paying $1,000 each in January 2017. What should Divers LLC record in its 2016 balance sheet for this transaction?

Question 2 - GE borrows $3,000,000 at 10% annual interest rate from Chase bank on March 31, 2016. Annual interest is payable on March 31 for the next five years. How much should GE record as interest payable on December 31, 2016?

Reference no: EM132623900

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