SOLUTION: Co. made an adjusting entry accruing interest for $800 on a note payable for the month of January. The note required 12% per annum on the principal. The principal amount of the no

SOLUTION: Co. made an adjusting entry accruing interest for $800 on a note payable for the month of January. The note required 12% per annum on the principal. The principal amount of the no

Algebra.Com

Question 510987: Co. made an adjusting entry accruing interest for $800 on a note payable for the month of January. The note required 12% per annum on the principal. The principal amount of the note payable must have been
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
0.12/12=0.01
800/0.01=$80,000
RELATED QUESTIONS
A friend of your sells his car to a college student and take a personal note for 1200$... (answered by Theo)

Prepare the necessary journal entries for the following transactions: a) On September 1, (answered by lynnlo)

Sandra borrowed $1500 on a 8-month note. The maturity value of the note was $1620.... (answered by rfer)

.Andrew borrowed $1200 on a 6-month note. The maturity value of the note was $1284.... (answered by rakheekar)

On May 11, 1993, a note due on January 10, 1994 was discounted at 12.12% simple discount. (answered by CPhill)

The total amount of interest that will be paid on a 5-year, $90,000 note payable at 11%... (answered by JulietG,MathTherapy)

The following aged accounts receivable schedule was prepared for Dulax paints at the end... (answered by solver91311)

The following aged accounts receivable schedule was prepared for Dulax paints at the end... (answered by ikleyn)

BC sets up practice as an architect investing $10,000 of his own money into a business... (answered by ikleyn)