Data on three promissory notes accepted by Levin Ltd during 2024 follow Instructions Determine the missing amounts 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) $4,8...

Using the equation Interest I Principal P ...

Data on three promissory notes accepted by Levin Ltd. during 2024 follow. Instructions Determine the missing amounts.

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Data on three promissory notes accepted by Levin Ltd. during 2024 follow.

Instructions
Determine the missing amounts.

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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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Question Posted: Jul 01, 2023 04:43 AM

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Data on three promissory notes accepted by Levin Ltd. during 2024 follow. Instructions Determine the missing amounts.

Question:

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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Accounting Principles Volume 1

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