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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
July 1145August 25
December 2390March 23
April 18120August 16
October 377December 19
January 1180June 30
August 1365October 17

Table (1)

Working note:

(1) Calculate due date for the month of July 11.

Total days (Time of note)45
Less: Remaining days in July (31-11)20
Remaining days in August25

Table (2)

(2) Calculate due date for the month of December 23.

Total days (Time of note)90
Less: Remaining days in December (31-23)8
          Days in January31
          Days in February28          
Remaining days in March23

Table (3)

(3) Calculate due date for the month of April 18...

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