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Jasper makes a $35,000, 90-day, 8. 5ash loan to clayborn co. jasper's entry to record the collection of the note and interest at maturity should be: (use 360 days a year. )

Sagot :

Jasper's entry to record the collection of the note and interest at maturity should be  $35,743.75

Given

Note receivable = $35,000

Interest rate = 8.5%

Time period = 90 days

Interest revenue = Note receivable  x Interest rate x Time period /360

= 35,000 x 8.5% x 90/360

= $743.75

Maturity value of note = Note receivable + Interest revenue

= 35,000+743.75

= $35,743.75

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