Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, from a customer on

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Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, 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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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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Question Posted: Apr 07, 2021 07:39 AM

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Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, from a customer on

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Answers a Issue date 12Jun No of days 120 Due Date 18 days of June 31 days of jul 31 da...View the full answer

Accounting

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