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Point 1: At the beginning of the month, OPQ Industries assigned $100,000 of accounts receivable to Receivables-R-Us (RRU) for a loan of $90,000. The interest rate on the note is 10%. RRU charged a $2,500 finance fee and requires monthly remittances on the note. During the month, OPQ collects 58,000 of the assigned receivables in cash.
Question 1: What is the note payable balance after OPQ records the appropriate payment journal entry at the end of the month?
40,313
42,833
None of the other answer choices is correct.
41,000
38,250
30,229
32,750
Financial Statement Analysis and Preparation
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