Data on three promissory notes accepted by Levin Ltd during 2017 follow Instructions Determine the missing amounts Term in Interest Rate 10 Interest Revenue to Record for Year Ended December 31 Date of Note Oct 1 Aug 1 Nov 1 MonthsPrincipal $180,000 120,000 Total Interest $4,800 12,000 24 6 ...

Using the equation Interest I Principal P x Rate R x ...

Data on three promissory notes accepted by Levin Ltd. during 2017 follow. Instructions Determine the missing amounts.

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Data on three promissory notes accepted by Levin Ltd. during 2017 follow.

Instructions
Determine the missing amounts.

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Accounting Principles

ISBN: 978-1119048503

7th Canadian Edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: May 16, 2017 10:33 AM

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Data on three promissory notes accepted by Levin Ltd. during 2017 follow. Instructions Determine the missing amounts.

Question:

Term in Interest Rate 10% Interest Revenue to Record for Year Ended December 31 Date of Note Oct. 1 Aug. 1 Nov. 1 MonthsPrincipal $180,000 120,000 Total Interest $4,800 12,000 24 6%

Step by Step Answer:

Using the equation Interest I Principal P x Rate R x ...View the full answer

Accounting Principles

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