Question: To compute interest expense on a note for an adjusting entry, the formula is (principal x annual rate a fraction). The numerator and denominator of

To compute interest expense on a note for an adjusting entry, the formula is (principal x annual rate a fraction). The numerator and denominator of the fraction are: Numerator Length of time note has been outstanding Length of time note has been outstanding Total length of note Length of time until note matures Denominator 12 months Total term of note 12 months Total term of

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