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Verilux Company sold merchandise to Flight Corp. on November 1, 2016, for $10,000. Verilux accepted...

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Accounting

Verilux Company sold merchandise to Flight Corp. on November 1, 2016, for $10,000. Verilux accepted a promissory note from Flight Corp. for $10,000. The note has a term of 5 months and a stated interest rate of 6%. Veriluxs accounting period ends on December 31, 2016.

What amount should Verilux recognize as interest revenue on December 31, 2016?

ANSWERS

$200

$0

$100

$250

Answer & Explanation Solved by verified expert
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