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7. Maggiano Supply Company received a 120-day, 9% note for $48,000 dated June 12, from a customer on account. Journalize the following transactions. Assume 360
7. Maggiano Supply Company received a 120-day, 9% note for $48,000 dated June 12, from a customer on account. Journalize the following transactions. Assume 360 days per year. Do not skip lines between entries. (Round your final answers to two decimal places.) 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 note and also the journal entry to record the receipt of the payment of the note at maturity. a. Date Description Debit Credit
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