Notes Receivable On September 1, 2010, Dougherty Corp. accepted a six-month, 7%, $45,000 interest- bearing note from
Question:
Notes Receivable On September 1, 2010, Dougherty Corp. accepted a six-month, 7%, $45,000 interest- bearing note from Rozelle Company in payment of an accounts receivable. Dougherty’s year-end is December 31. Rozelle paid the note and interest on the due date.
Required
1. Who is the maker and who is the payee of the note?
2. What is the maturity date of the note?
3. Identify and analyze the effect of the transactions to be recorded on each of the following dates:
a. September 1, 2010
b. December 31, 2010
c. March 1, 2011
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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1 Rozelle Company is the maker and has a liability Notes Payable and incurs an ...View the full answer
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Related Book For 
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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