Note Receivable

Cube Ice Company received a 120-day, 10% note for $48,000, dated April 9 from a customer on account. Assume 360 days in a year.

a. Determine the due date of the note. August 7

b. Determine the maturity value of the note. $

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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.

Aug. 7	Cash
	Notes Receivable
	Interest Revenue