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

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.


Step by Step Solution

★★★★★

3.35 Rating (179 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a The due date for the note is July 25 determined as follows ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

114-B-A-C-R (969).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

For the following taxpayers, determine the due date of their tax returns. a. Jerome, single taxpayer, is not requesting an extension this year. Assume the due date falls on a Tuesday. b. Lashaunda, a...

Q:

.4 Cannondale Supply Company received a 120-day, 9% note for $200,000, dated March 13 from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note....

Q:

Determine the due date and the amount of interest due at maturity on the followingnotes: Date of Note October 1 August 30 May 30 Interest Term of Face Amount $10,500 18,000 Rate Note 60 days 120 days...

Q:

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year tota...

Q:

Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging of Receivables Schedule July 31 Not 61-90 Over 90 1-30 Days Past Due 31-60 Days Past Due...

Q:

Prefix Supply Company received a 1 2 0 - day, 8 % note for $ 3 6 , 0 0 0 , dated April 1 2 from a customer on account. Assume 3 6 0 - days in a year. Prefix Supply Company received a 1 2 0 - day, 8 %...

Q:

Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Required: a. Determine the due date of the note. K b. Determine the maturity value of the...

Q:

Receivable Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. August 7 b....

Q:

These fours pictures are from the same question. I just couldn't fit them all in one screenshot. Thanks Instructions Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from...

Q:

- progress false ebook Show Me How Calculator Note Receivable Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Assume 350 days in a year a....

Q:

For February, sales revenue is $300,000, sales commissions are 5% of sales, the sales manager's salary is $40,000, advertising expenses are $13,000, shipping expenses total 1% of sales, and...

Q:

Given that P(X = a) = r, P (max(X, Y) = a) = s, and P (min(X, Y) = a) = t, show that you can determine u = P(Y = a) in terms of r, s, and t.

Q:

Verify that x = ( 1 2 ) e - 5 t is a solution to: d x d t = 3 x - 4 y d y d t = 4 x - 7 y

Q:

A major college textbook publisher has an existing finance textbook. The publisher is debating whether to produce an essentialized version, meaning a shorter (and lower-priced) book. What are some of...

Q:

Given the following network, with the indicated flow capacities along each branch, determine the maximum flow from source node 1 to destination node 6 and the flow along eachbranch: 0 17 4 15 20 0 30...

Q:

Given the following network, with the indicated flow capacities of each branch, determine the maximum flow from source node 1 to destination node 6 and the flow along eachbranch: 6 0 0 6 5 0 5 9 3 0...

Q:

Several oil companies are jointly planning to build an oil pipeline to connect several southwestern, southeastern, and midwestern cities, as shown in the following network: The miles between cities...

Q:

Eta Designs has requested that you perform a vertical analysis of its balancesheet. Eta Designs, Inc. Balance Sheet As of December 31 For the year (in thousands Assets 7 Total current assets 8...

Q:

2 Heinz has found that its famous brand limits it from expanding its product portfolio, as people wont accept Heinz chilled ready meals or Heinz pizzas. Evaluate how it might try to overcome this...

Q:

The following information is taken from the 2012 general ledger of Mathias Company. InstructionsIn each case, compute the amount that should be reported in the operating activities section of the...

Q:

You are provided with the following transactions that took place during a recent fiscal year. InstructionsComplete the table, indicating whether each item (1) should be reported as an operating (O)...

Q:

The following account balances relate to the stockholders' equity accounts of Patil Corp. at year-end. A small stock dividend was declared and issued in 2012. The market value of the shares was...

Q:

You've invested $2,800 in Stock Arbuckle and $3,800 invested in Stock Roscoe. The expected returns on these stocks are 8 percent and 11 percent, respectively. Calculate the expected return on the...

Q:

The balance sheet and income statement shown below are for Sneaker Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next...

Q:

Present value ( in $ ) of an annity due \ table [ [ \ table [ [ Annuity ] , [ Payment ] ] , \ table [ [ Payment ] , [ Frequency ] ] , \ table [ [ Time ] , [ Period ( years ) ] ] , \ table [ [ Nominal...