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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 20-1 Promissory Notes
CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 20-1 USES OF PROMISSORY NOTES page Number 8. 8.Maker 7. 7.Maturity date 6. 6.Interest rate 5. 5.Principle 3. 3.Payee 2. 2.Date of a note 4. 4.Time of a note
CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 20-1 Interest for One Year = Time in Years × Interest Rate ×Principal INTEREST ON PROMISSORY NOTES page 590 Interest for One Year $1,200.00=1×6%×$20, Interest for Fraction of Year = Time as Fraction of Year × Interest Rate ×Principal Interest for Fraction of Year $300.00=×6%×$20,
CENTURY 21 ACCOUNTING © Thomson/South-Western 4 LESSON 20-1 Maturity Value =Interest+Principal INTEREST ON PROMISSORY NOTES page 590 Maturity Value $20,300.00=$ $20,000.00
CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 20-1 MATURITY DATE OF PROMISSORY NOTES page 591 May 18, 90-Day Note May18–May 3113 days June30 days July31 days August 1–August 1616 days Total90 days Subtract the date of the note from the number of days in the first month. 2.Add 30 days for June. 3.Add 31 days for July. 4.Add only 16 days in August.
CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON 20-1 TERMS REVIEW number of a note date of a note payee of a note time of a note principal of a note interest rate of a note maturity date of a note maker of a note promissory note creditor notes payable interest maturity value page 592
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