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it's 2 separate question ... can you please answer both plase ! , if not just answer any thank you Maturity Dates of Notes Payable
it's 2 separate question ... can you please answer both plase ! , if not just answer any thank you
Maturity Dates of Notes Payable Determine the maturity date and compute the interest for each of the following notes payable with add-on interest: Use 360 days for calculations and round the nearest dollar. Date of note Principal Interest Rate(%) Term a. August 5 $15,000 120 days b. May 10 8 .400 90 days c. October 20 1 2.000 45 days d. july 4.500 60 days September 15 13.500 75 days For the maturity date, select the appropriate month using the drop-down menu and enter the correct day next to the month using the fill in the blank answer box Maturity Date Adjusting entries for imcerest The following note transactions occurred during the year for Towell Company Nov. 25 Towell issued a 60-day nine percent note payable for $8.000 to Hyatt Company for merchandise Dec 7 Towell signed a 120-day, $15.000 note at the bank at ten percent. Dec. 22 Towell gave Barr, Inc., a $12,000, eight percent, 60-day note in payment of account Prepare the general Journal entries necessary to adjust the interest accounts at December 31. Use 360 days for calculations and round to the nearest dollar. Date General Journal Description Debit Credit To accrue interest expense for note issued on Nov. 25 To accrue interest expense for note signed on Dec. 7 To accrue interest expense for note on Dec 22 Step by Step Solution
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