CH3SimpleInterestProblems - Chapter 3 Simple Interest...

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Chapter 3 Simple Interest Problems 3131 Intermediate Financial Accounting I Note: use 360 days for total number of days in a year. 1. On December 11, the G. Baker Corporation purchases $15,000 of equipment by issuing a 30-day, 12% note payable. The amount of accrued interest on December 31 is: 2. Referring to question 1, the total cash paid for interest at maturity on the note is: 3. Referring to question 1, the total cash paid on the maturity date of the note is: 4. The journal entry to record accrued interest on a short-term note payable must include a: 5. Triclinium Company signed an 18-month, $20,000, 8% note on June 1, 2006. The amount of interest to be accrued on December 31, 2006, is: 6. The maturity value of a $50,000 note at 9% for 4 months is: 7. The interest on a $50,000 note at 12% for 60 days is:
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