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The following note transactions occurred during the year for Zuber Company: On November 25, Zuber issued a 90-day, 12% note payable for $6,000 to Porter
The following note transactions occurred during the year for Zuber Company: On November 25, Zuber issued a 90-day, 12% note payable for $6,000 to Porter Company for merchandise. On December 10, Zuber signed a 120-day, $7,200 note at the bank at 10%. On December 23, Zuber gave Dale, Inc. a $9,000, 10%, 60-day note in payment of its account. Calculate the amount of the necessary interest accrual for each note payable at December 31. (Round to nearest whole dollar.)
Interest Accrual | |
---|---|
Porter Company note | |
Bank note | |
Dale, Inc. note |
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