Unformatted text preview: The loan was originated on November 1 of the current year, and it bears interest at 9%, using a 360-day year assumption. Calculations: $250,000 X 9% X 2/12 = $3,750.00 The financial statement implications of the above corrections are...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11