(1) Calculate the maturity value of the note, using the stated interest rate. (2) Calculate the present value of the note at the selling date using the days. between the sell date and maturity date and the rate money is worth. Example: A 270-day note for $3000 with interest at 8.5% is dated February 2, 2010.
Purpose of Adjusting Entries. The main purpose of adjusting entries is to update the accounts to conform with the accrual concept. At the end of the accounting period, some income and expenses may have not been recorded, taken up or updated; hence, there is a need to update the accounts.
Good Accountants. Follow. Good Accountants latest feature post on reasons why a business accountant is so important. A small business accountant is a necessary part of the puzzle, that ensures your financial success. If your finances are not in order, it's very difficult to get an honest view of your company. Reasons why a Business Accountant is so Important. 1  1. 2  Articles from GoodAccountants.com Blog 5 Reasons Why A Business Accountant Is So Important 2014-01-17 15:01:45 goodaccountants.com business accountant When running a business it is quite tempting to cut down on costs and save up by managing the finances yourself.