Adjusting Entries: Accrued Revenues Video Lessons

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Problem: EZ Lawn Equipment sells Jorge a $5,000 mower and accepts a 6 month, 5% note on 11/1/15. Assuming no adjusting entries have been made, how much interest should EZ record as of 12/31? A. $250 B. $125 C. $42 D. $21

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Problem Details

EZ Lawn Equipment sells Jorge a $5,000 mower and accepts a 6 month, 5% note on 11/1/15. Assuming no adjusting entries have been made, how much interest should EZ record as of 12/31?

A. $250

B. $125

C. $42

D. $21

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Based on our data, we think this problem is relevant for Professor Cainas' class at USF.