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Accrued interest revenue
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home work question comp holds a 90 day receivable of 10,000 from a customer. The note is dated oct 31 and has a 12% interest rate. Your comp year ends on dec 31. How much interest revenue do you accrue on dec 31? I said 10,000X.12= 1200*2/12=200 my answer is 200, am I correct
Accrued revenue and expenses
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Can anyone help me understand accruals better? I am not completely understanding accrused revenue, expenses, prepaids and all of those type of adjusting entries. This would be greatly appreciated!
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