Data on three promissory notes accepted by Levin Ltd. during 2024 follow. Instructions Determine the missing amounts.
Question:
Data on three promissory notes accepted by Levin Ltd. during 2024 follow.
Instructions
Determine the missing amounts.
Transcribed Image Text:
Date of Note Oct. 1 Aug. 1 Nov. 1 Term in Months 3 6 24 Principal $180,000 120,000 (a) Interest Rate 10% (b) 6% Total Interest Revenue to Record Interest for Year Ended December 31 (c) $4,800 12,000 (d) (e) (f)
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Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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