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Universal Travel Inc. borrowed $500,000 on November 1, 2013, and signed a 12-month note bearing interest at 6%. Interest is payable in full at maturity on October 31, 2014. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2013, in the amount o

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In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2013, in the amount of $5,000. Below is the solution:

$500,000 x 6% x 2/12 = $5,000

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