On July 1, Orcas Lab issued a $100,000, 12%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?

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A: From July 8th to July 31st = 23 days

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A: Given information is: Value of note = $14000 Period = 45 days Interest rate = 6%

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A: Interest revenue = face value of not x rate of interest x No. of days / 360 days

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A:

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A:

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A: Interest expense = Notes payable x rate of interest x time = $4,000,000 x 6% x 2/12 = $40,000

Q: On July 1, Orcas Lab issued a $100,000, 12%, eight-month note. Interest is payable at maturity. What…

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