Mountain Supply received a 60-day, 7% note for $120,000, dated April 2 from a customer on account.
Question:
Mountain Supply received a 60-day, 7% note for $120,000, dated April 2 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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Step by Step Answer:
a The due date for the note is June 1 determined as follows April 28 days 30 ...View the full answer
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Related Book For 
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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