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Lundquist Company received a 60-day, 10% note for $48,000, dated July 23, from a customer on account. Required: a. Determine the due date of the
Lundquist Company received a 60-day, 10% note for $48,000, dated July 23, from a customer on account.
Required: | |
a. Determine the due date of the note. | |
b. Determine the maturity value of the note. Assume 360 days in a year. | |
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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