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help please! Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year.
help please! Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank or enter "o". When required, round your answers to the nearest dollar. Aug. 10 State for each account whether it is likely to have (a) debit entries only. (b) credit entries only, or (c) both debit and credit entries when recording business transactions during the month. Also, indicate the normal balance of each account. 1. Fees Earned normal balance 2. Utilities Expense normal balance 3. Accounts Payable normal balance 4. Supplies normal balance 5. Cash normal balance 6. Accounts Receivable normal balance Journalize the entries to record the following: March 1 Established a petty cash fund of $300. The amount of cash in the petty cash fund is now $64. The fund is replenished based on the following receipts: office supplies, $137; selling expenses, $112. March 31 Record any discrepancy in the cash short and over account. If an amount box does not require an entry, leave it blank or enter "0". Mar. 1 Mar. 31
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