On April 3, B. M. Sibon gives a 60-day, 10 percent note, dated April 3, to Crosier
Question:
On April 3, B. M. Sibon gives a 60-day, 10 percent note, dated April 3, to Crosier Company, a creditor, in the amount of $6,430.
a. What is the due date of the note?
b. How much interest is to be paid on the note at maturity?
c. Write the entries in general journal form to record both issuance of the note by the maker and payment of the note at maturity as they would appear on Sibon’s books.
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Related Book For 
College Accounting Chapters 1-26
ISBN: 9780395796993
6th Edition
Authors: Douglas J. McQuaig, Patricia A. Bille
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