1. What is the difference between the percent-of-receivables and aging-of-receivables methods? 2. What is the formula to compute interest on a note receivable? 3. Why must companies record accrued...

1. What is the difference between the percent-of-receivables and aging-of-receivables methods?

2. What is the formula to compute interest on a note receivable?

3. Why must companies record accrued interest revenue at the end of the accounting period?