Gorilla Supply Company received a 120-day, 5% note for $150,000, dated March 27 from a customer on
Question:
Gorilla Supply Company received a 120-day, 5% note for $150,000, dated March 27 from a customer on account.
a. Determine the due date of the note.
b. Determine the maturity value of the note.
c. Journalize the entry to record the receipt of the payment of the note at maturity.
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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a The due date for the note is July 25 determined as follows ...View the full answer
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