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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

DETERMINING DUE DATE Determine the due date for the following notes. (Assume there are 28 days in February.)

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To determine

Calculate the due date 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 due date for the following notes as shown below:

Date of NotesTime in DaysDue Date
August 1290November 10
September 160October 31
January 3120May 3
March 1888June 14
June 11200December 28
May 1738June 24

Table (1)

Working note:

(1) Calculate due date for the month of August 12.

Total days (Time of note)90
Less: Remaining days in August (31-12)19
           Days in September30
           Days in October31
Remaining days in November10

Table (2)

(2) Calculate due date for the month of September 1.

Total days (Time of note)60
Less: Remaining days in September (30-1)29
Remaining days in October31

Table (3)

(3) Calculate due date for the month of January 3.

Total days (Time of note)120
Less: Remaining days in January (31-3)28
           Days in February28
           Days in March31
           Days in April30
Remaining days in May3

Table (4)

(4) Calculate due date for the month of March 18...

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