Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

A 60-day note is signed on February 15 (and it's not a leap year). What is the due date of the note?

May 16

April 15

April 17

April 16

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the problem. A 60-day note is signed on February 15, and you need to calculate the due date by adding 60 days to February 15. Remember, this is not a leap year, so February has 28 days.

Step 2: Calculate the remaining days in February after February 15. Since February has 28 days, subtract 15 from 28 to find the remaining days in February: 28 - 15 = 13 days.

Step 3: Subtract the remaining days in February (13 days) from the total 60 days of the note. This leaves 47 days to be accounted for in the following months: 60 - 13 = 47 days.

Step 4: Move to March. March has 31 days, so subtract 31 days from the remaining 47 days: 47 - 31 = 16 days. This means the note will extend 16 days into April.

Step 5: Count 16 days into April starting from April 1. The due date will be April 16.