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Louvers, Inc., accepted a $15.000, 180-day, 10 percent note from a customer on May 31. Louvers plans to prepare financial statements as of June 30, the end of its fiscal year. Prepare the necessary June 30 adjusting entry for Lovers by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal entry worksheet < Louvers, Inc., accepted a $15,000, 180-day, 10 percent note from a customer on May 31. Louvers plans to prepare financial statements as of June 30, the end of its fiscal year.

Answer :

Interest revenue =[tex]739.72[/tex]

May 31.

Interest revenue =Interest amount× Rate ×Time

= $15000*10%*180/365=[tex]739.72[/tex]

Interest revenue is the income that a business receives from any investments it makes or from money it lends. It is a business's non-operating revenue. The Revenue Commissioners, also known as Revenue, is the Irish Government agency in charge of customs, excise, taxation, and related affairs. It can be recorded using cash or the accrual system. The Revenue Commissioners Order, 1923, which established the Revenue Commissioners to carry out the functions that the Commissioners of Inland Revenue and the Commissioners of Customs and Excise had carried out in the Free State prior to independence, was passed on February 21, 1923. Although Revenue can trace its history back to predecessors, the current organization was established for the independent Irish Free State.

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