Note Receivable

Quick Tire and Lube received a 120-day, 9% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year.

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a. Determine the due date of the note.

April 21August 7July 31June 30May 31August 7

b. Determine the maturity value of the note. $fill in the blank 60dfab02206cff4_2

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The due date is the date the note is to be paid.

Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note.

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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 InterestCash	Cash	Cash
	Accounts ReceivableCashInterest ReceivableNotes ReceivableNotes PayableUnearned InterestNotes Receivable	Notes Receivable	Notes Receivable
	Accounts ReceivableCashInterest ReceivableInterest RevenueInterest PayableUnearned InterestInterest Revenue	Interest Revenue	Interest Revenue

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