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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

On September 5, Y. Haun borrowed $4,000 from the bank, giving a 90-day, interest-bearing 7% note.

  1. (a) Calculate the interest on this note.
  2. (b) Determine the due date for this note.

(a)

To determine

Calculate the interest on note payable.

Explanation

Note Payable:

Note payable is an obligation of the organization to pay to its creditors in near future for the benefits received that carries some interest.

Calculate the interest on note.

Interest on note =Notes payable×Interest rate×

(b)

To determine

Identify the due date for the note.

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