Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.
Question:
Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, 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.
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Solution A Date of Issue of Note July23 Balance Days in month of July 8 Days Days in the month of ...View the full answer
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Related Book For 
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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