Note receivable

Prefix Supply Company received a 120-day, 8% note for $48,000, dated April 12 from a customer on account. Assume 360-days in a year.

a. Determine the due date of the note.

August 10

April 21

July 31

June 30

May 31

b. Determine the maturity value of the note.

$

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.

	Account