Question
Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, 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 $36,000, dated April 9, from a customer on account. Assume 360 days in a year.
a. Determine the due date of the note.
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.
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Auditing An International Approach
Authors: Wally J. Smieliauskas, Kathryn Bewley
7th edition
1259259870, 1259087468, 70968292, 978-1259087462
