Question

On june 8, smith technologies issued a $75,000, 6%, 140-day note payable to johnson company. what is the due date of the note?

a. october 28

b. october 27

c. october 25

d. october 26

Answer 1

I think it would be October 25th for the due date of the note if June 8th is included in the 140 days. There are 23 days in June, 31 days in both July and August (in 2017) and 30 days in September plus 25 days in October = 23+31+31+30+25 = 140 days. 

Answer 2

Given that the 140-day note is payable to Johnson company within 140 days. The due date will be as follows;
June 8th to June= 23 days
July 1st to July 31st =31 days
August 1st to August 31= 31 days
September 1st to September 30= 30 days
summing up the above dates we get:
23+31+31+30=115
140-115=25
The return date will be:
October 25th