Question
Guzman Company received a 60-day, 7% note for $79,000 dated July 12 from a customer on account. Required: a. Determine the due date of the
Guzman Company received a 60-day, 7% note for $79,000 dated July 12 from a customer on account.
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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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