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Guzman Company received a 60-day, 10% note for $48,000 dated July 12 from a customer on account. Required: a. Determine the due date of the
Guzman Company received a 60-day, 10% note for $48,000 dated July 12 from a customer on account.
| Required: | |
| 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. Refer to the Chart of Accounts for the exact wording of account titles. |
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Frequently Asked Questions In International Standards On Auditing
Authors: Steven Collings
1st Edition
1118765419, 978-1118765418
