Using 360 days as the denominator, calculate interest for the following notes using the formula I = P × R ×T.
Answer to relevant QuestionsDetermine the due date for the following notes. (Assume there are 28 days inFebruary.)Prepare general journal entries for the following transactions:Sept. 15 Borrowed $7,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 12% by the bank.Nov. 14 Paid the $7,000 note, ...You are purchasing a new car and plan to finance it through your employee credit union.The credit union has offered you two different promissory note plans, as follows:Option 1: Three years at 9%, with interest payable ...In the absence of any agreement between the partners, how must profits and losses be shared? If the partnership agreement specifies how profits are to be shared, but there is no agreement as to how losses are to be shared, ...On liquidation of the partnership of J. Hui and K. Cline, as of November 1, 20--, inventory with a book value of $180,000 is sold for $230,000. Given that Hui and Cline share profits and losses equally, prepare the entries ...
Post your question