Solution-What interest receivable account would show a

What interest receivable account would show a balance on

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Reference no: EM132813402

Problem 1: On October 1 of the current year, an entity received a one-year note receivable bearing interest at the market rate. The face amount of the note receivable and the entire amount of the interest are due on September 30 of next year. The interest receivable account on December 31 of the current year would consist of an amount representing

a. Three months of accrued interest income

b. Nine months of accrued interest income

c. Twelve months of accrued interest income

d. The excess at October 1 of the present value of the note receivable over its face value.

Problem 2: On July 1 of the current year, an entity received a one-year note receivable bearing interest at the market rate. The face amount of the note receivable and the entire amount of the interest are due on June 30 of next year. The interest receivable account would show a balance on

a. July 1 but not December 31 of the current year

b. December 31 but not July 1 of current year

c. July 1 and December 31 of the current year

d. Neither July 1 nor December 31 of the current year

Reference no: EM132813402

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What interest receivable account would show a balance on

Reference no: EM132813402

Reference no: EM132813402

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