It says finance charge in 1.5% of "receivables". So, shouldn't interest expense and revenue on issuance date be $ 700000 x1.5% = $ 10,500 (and not $ 500000 x 1.5% = $ 7500, as u computed). I'm confused.
I think bank will charge on the amount what they have given to the customer not on the receiveble as receivebles is break into sales discount and sales return...
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Thank you sir
Shukran Shukran
How do we reconcile notes and receivable when filing tax? 1065 partnership. Thanks!
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It says finance charge in 1.5% of "receivables". So, shouldn't interest expense and revenue on issuance date be $ 700000 x1.5% = $ 10,500 (and not $ 500000 x 1.5% = $ 7500, as u computed). I'm confused.
I think bank will charge on the amount what they have given to the customer not on the receiveble as receivebles is break into sales discount and sales return...
That’s correct Samee.
Please samee’s comment below.
Why bank has record interest revenue at the time of payment and also on receipt??
Why they don't record interest one time ???
at the time of payment, its the FINANCE CHARGE at 1.5% that the bank takes, and at the time of receipt its the INTEREST REVENUE at 12%
That helps...thank you bro
What’s your numbe4
Thank you sir
Most welcome. Here's my intermediate accounting: farhatlectures.pathwright.com/library/?category=Intermediate+Accounting