Question
Note Receivable Quick Tire and Lube received a 120-day, 7% note for $96,000, dated April 9 from a customer on account. Assume 360 days in
Note Receivable
Quick Tire and Lube received a 120-day, 7% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year.
Question Content Area
a. Determine the due date of the note.
April 21August 7July 31June 30May 31
b. Determine the maturity value of the note. $fill in the blank 442f9af61ff1f91_2
Question Content Area
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 | Accounts ReceivableCashInterest ReceivableInterest RevenueNotes ReceivableUnearned Interest | - Select - | - Select - |
| Accounts ReceivableCashInterest ReceivableNotes ReceivableNotes PayableUnearned Interest | - Select - | - Select - | |
| Accounts ReceivableCashInterest ReceivableInterest RevenueInterest PayableUnearned Interest | - Select - | - Select - |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Guide To Hipaa Auditing Practical Tools And Tips To Ensure Compliance
Authors: Margret Amatayakul
1st Edition
1578393582, 978-1578393589
