True/False
If Taylor Corp. receives a $10,000, 120-day, 6% note on October 1, 2016, the amount of interest that should be accrued on December 31, 2016, the end of Taylor's accounting period, is $200.
$10,000 × .06 × 90/360 = $150; the remaining 30 days of interest will be recorded in the following year
Correct Answer:
Verified
Correct Answer:
Verified
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