Kanika's Tutoring Service incurred the following transactions: 2021 May 10 Received Cash from a 60-day, 12% p.a. (based on 365 days), $20,000 bill payable. The principal and interest are repaid at maturity. June 30 Made adjusting entry to accrue interest expense on the bill. July 9 Paid total amount due on the 12% bill. How much will Kanika's Tutoring Service need to accrue for interest expense on June 30? (Note: there are 31 days for the month of May) Select one: O a. $49.89 O b. $276.82 c. $338.78 O d. $335.34

Kanika's Tutoring Service incurred the following transactions: 2021 May 10 Received Cash from a 60-day, 12% p.a. (based on 365 days), $20,000 bill payable. The principal and interest are repaid at maturity. June 30 Made adjusting entry to accrue interest expense on the bill. July 9 Paid total amount due on the 12% bill. How much will Kanika's Tutoring Service need to accrue for interest expense on June 30? (Note: there are 31 days for the month of May) Select one: O a. $49.89 O b. $276.82 c. $338.78 O d. $335.34

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 5MCQ: Dallas Company loaned to Ewing Company on December 1, 2019. Ewing will pay Dallas $720 of interest...

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