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Global​ Enterprises, Inc. signed a one - year $ 47,000 note payable at 6​% interest on April​ 1, 2018. If Global only adjusts its accounts once a year at yearminus​end, how much interest expense was accrued on December​ 31, 2018?​ (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest whole​ number.)

Respuesta :

Answer:

$2,115

Explanation:

Given that

Note payable amount = $47,000

Rate of interest = 6%

The computation of the interest expense is shown below:

= Note payable × number of months ÷ total number of months in a year × rate of interest

= $47,000 × 9 months ÷ 12 months × 6%

= $2,115

The 9 months is calculated from April 1, 2018 to December 31, 2018

Hence, the accrued interest expense is $2,115

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