Question
Guzman Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on account. Required: a. Determine the due date of the
Guzman Company received a 60-day, 5% note for $57,000 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 exact wording of account titles.
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Financial Accounting Version 3.0
Authors: Leah Kratz, Joe Ben Hoyle, C. J. Skender
3rd Edition
1453392904, 9781453392904
