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    onendonlykisha's Avatar
    onendonlykisha Posts: 1, Reputation: 1
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    #1

    Apr 19, 2009, 12:57 PM
    Accounts Receivable
    On November 1, Carlos Bakery receives a 6% interest-bearing note from Fix-it Company to settle a $20,000 account receivable. The note is due in six months. At December 31, Carlos Bakery should record interest revenue of?
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Apr 19, 2009, 05:42 PM

    Please see the guidelines for posting homework problems:

    Ask Me Help Desk - Announcements in Forum : Homework Help
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Apr 21, 2009, 05:38 PM

    Interest is equal to Principal * Rate * Time, therefore you need to calculate 2 months of interest by the face amount of the note * 6% * 2/12
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