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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

TERM OF A NOTE Calculate total time in days for the following notes. (Assume there are 28 days in February.)

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To determine

Calculate total time in days for the following notes.

Explanation

Term of the note:

The term of the note number of months or days from the issue date of notes to its maturity date and this is used to compute time, that is the term of the note identified as a fraction of year.

Calculate total time in days for the following notes as shown below:

Date of NotesDue DateTime in Days
May 4July 1774
August 17October 145
July 5September 562
December 11February 556
March 24May 1653
January 6March 1871

Table (1)

Working notes:

(1) Calculate total time in days for the month of May 4.

Days in May31
Less: Issue Date of note, May 44
Days remaining in May27
Add: Days in June30
        Maturity Date, July 1717
Time in Days74

Table (2)

(2) Calculate total time in days for the month of August 17.

Days in August31
Less: Issue Date of note, May 1717
Days remaining in August14
Add: Days in September30
        Maturity Date, October 11
Time in Days45

Table (3)

(3) Calculate total time in days for the month of July 5...

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