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Valley Spa purchased $7,800 in plumbing components from Tubman Co. Valley Spa Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.)


A. 130


B. 7800


C. 7930


D. 8050


E. 8130

Respuesta :

sahir9397

Answer:

C. 7930

Explanation:

Calculation of the amount due on the note :-

Accounts Receivable- Valley Spa a/c Dr $7,930 To Interest Revenue A/c $130 To   Notes Receivable A/c $7,800

Working :-

Interest Revenue = $7800 *10% = $780

= $780*60/360

= $130

So the correct answer is option C. ( $7930).

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