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Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.)
Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.)
(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. |
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