Outer Armour (OA) is a company that sells high quality outerwear. OA has accepted two notes receivables from cusa December 31, 2023 year-end. Note Receivable A Note Receivable B On September 1, 2023, OA accepted a $550,000, 6 months note receivable with an interest rate of 6%. Interest and the principal balance are due at maturity. Note receivable A Note receivable B On October 31, 2023, OA accepted a $325,000 note receivable with an interest rate of 4.5%. Interest is paid the first day of each following month and the principal is due at maturity on June 30, 2021. Required: 1. This part of the question is not part of your Connect assignment. 2. How many month(s) need to be accrued for Notes Receivable A and B as of December 31, 2023? month(s) month(s)

Outer Armour (OA) is a company that sells high quality outerwear. OA has accepted two notes receivables from cusa December 31, 2023 year-end. Note Receivable A Note Receivable B On September 1, 2023, OA accepted a $550,000, 6 months note receivable with an interest rate of 6%. Interest and the principal balance are due at maturity. Note receivable A Note receivable B On October 31, 2023, OA accepted a $325,000 note receivable with an interest rate of 4.5%. Interest is paid the first day of each following month and the principal is due at maturity on June 30, 2021. Required: 1. This part of the question is not part of your Connect assignment. 2. How many month(s) need to be accrued for Notes Receivable A and B as of December 31, 2023? month(s) month(s)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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