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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
August 17October 1054
January 12March 1057
July 15September 1360
December 3February 160
April 11July 686
October 6December 1873

Table (1)

Working notes:

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

Days in August31
Less: Issue Date of note, August 1717
Days remaining in August14
Add: Days in September30
        Maturity Date, October 1010
Time in Days54

Table (2)

(2) Calculate total time in days for the month of January 12.

Days in January31
Less: Issue Date of note, January 1212
Days remaining in January19
Add: Days in February28
        Maturity Date, March 1010
Time in Days57

Table (3)

(3) Calculate total time in days for the month of July 15...

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