Question
Note Receivable. Lambert Supply Company received a 30-day, 5% note for $210,000, dated August 7 from a customer on account. Assume 360 days in a
Note Receivable.
Lambert Supply Company received a 30-day, 5% note for $210,000, dated August 7 from a customer on account. Assume 360 days in a year.
A) Determine the maturity value of the note.
B) 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.
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Swanson On Internal Auditing Raising The Bar
Authors: IT Governance Publishing
1st Edition
1849280673, 978-1849280679
