Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prefix Supply Company received a 120 -day, 4% note for $46,000 dated April 12 from a customer on account. Required: a. Determine the due date

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Prefix Supply Company received a 120 -day, 4% note for $46,000 dated April 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. c. Joumalize the entry to record the receipt of the payment of the note at maturity. Chart of Accounts CHART OF ACCOUNTS Prefix Supply Company General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salariae Davahla 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 526 Cradit Card Exnanca Instructions Chart of Accounts First Questions General Journal Chart of Accounts 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense a. Determine the due date of the note. b. Determine the maturity value of the note, Asfiume a 360-day year. (Note: Round computations to the nearest whole dollar.) General doumal instructions

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Charles T. Horngren, Jr Harrison, Walter T.

3rd Edition

0137419848, 978-0137419845

More Books

Students also viewed these Accounting questions

Question

Outline the four functions and two attitudes in Jungs psychology.

Answered: 1 week ago

Question

analyze how research and writing unites with design.

Answered: 1 week ago