Question
Sunshine Service Center received a 120-day, 6% note for $40,000 dated April 12 from a customer on account. Assume a 360 day year. a) Determine
Sunshine Service Center received a 120-day, 6% note for $40,000 dated April 12 from a customer on account. Assume a 360 day year.
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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Financial and Managerial Accounting Using Excel for Success
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
1st edition
1111535221, 1111535223, 9781285400914 , 978-1111993979
