Weaver Companys December 31 year-end trial balance shows an $8,000 balance in Notes Receivable. This balance is
Question:
Weaver Company’s December 31 year-end trial balance shows an $8,000 balance in Notes Receivable. This balance is from one note dated December 1, with a term of 45 days and 4.5% interest. Determine the maturity date and prepare the December 31 and maturity date entries, assuming the note is honoured.
MaturityMaturity 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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Dec 31 Interest Receivable 2959 Interest Income 2959 8000 45 30365 Maturity ...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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