11th Edition

ISBN: 9780133856781

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…

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Textbook Question

Chapter 9, Problem S9.9SE

Computing interest amounts on notes receivable

A cable of notes receivable for 2016 follows:

	Principal	Interest Rate	Interest Period During 2016
Note 1	$ 30,000	4%	3 months
Note 2	8,000	5%	180 days
Note 3	28,000	12%	90 days
Note 4	110,000	10%	6 months

For each of the notes receivable, compute the amount of interest revenue earned during 2016. Round to the nearest dollar.

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Chapter 9, Problem S9.8SE

Chapter 9, Problem S9.10SE

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Chapter 9 Solutions

Horngren's Accounting (11th Edition)

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