note receivable

Note receivable Instructions Chart of Accounts First questions Instructions Linstrum Company received a 60-day, 5% note for $57,000, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturry value of the note. Assume 360 days in a year. Do not round your intermediate calculations and round your final answer to the nearest dollar. C. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debitor credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered Chart of Accounts CHART OF ACCOUNTS Linstrum Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable 129 Allowance for Doubtful Accounts EXPENSES 132 Notes Receivable 510 Cost of Merchandise Sold 141 Merchandise Inventory 520 Sales Salaries Expense 145 Office Supplies 521 Advertising Expense 146 Store Supplies 522 Depreciation Expense-Store Equipment 151 Prepaid Insurance 523 Delivery Expense 181 Land 524 Repairs Expense 191 Store Equipment 529 Selling Expenses 530 Office Salaries Expense 192 Accurnulated Depreciation Store Equipment 193 Office Equipment 531 Rent Expense 194 Accumulated Depreciation Office Equipment 532 Depreciation Expense-Office Equipment 533 Insurance Expense 146 Store Supplies 522 Depreciation Expense-Store Equipment 151 Prepaid Insurance 523 Delivery Expense 181 Land 524 Repairs Expense 191 Store Equipment 529 Selling Expenses 192 Accumulated Depreciation-Store Equipment 530 Office Salaries Expense 193 Office Equipment 531 Rent Expense 194 Accumulated Depreciation Office Equipment 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 534 Office Supplies Expense 210 Accounts Payable 535 Store Supplies Expense 211 Salaries Payable 536 Credit Card Expense 213 Sales Tax Payable 537 Cash Short and Over 214 Interest Payable 538 Bad Debt Expense 215 Notes Payable 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary Instructions Chart of Accounts First Questions una First Questions a Determine the due date of the note September 12 May 12 September 21 August 30 May 13 October 12 naturty value of the note. Assurne 360 days in a year Do not roumd you intermediate calculations and round your wal answer to me wanase Note receivable Instructions Chart of Accounts First Questions Journal First Questions a. Determine the due date of the note. b Determine the matunity value of the note. Assume 360 days in a year. Do not round your intermediate calculations and round your final answer to the nearest doilar. Journal c Journalize the entry to record the receipt of the payment of the note at maturity Refer to the chant of accounts for the exact wording of the accountitles CNOW journals do not use lines for journal explanations Every line on a oumal pages used for det credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2