Question
Prefix Supply Company received a 120-day, 10% note for $12,000, dated April 12 from a customer on account. Assume 360-days in a year. Question Content
Prefix Supply Company received a 120-day, 10% note for $12,000, dated April 12 from a customer on account. Assume 360-days in a year.
Question Content Area
a. Determine the due date of the note.
b. Determine the maturity value of the note. fill in the blank 1 of 1$
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.
Account | Debit | Credit | |
---|---|---|---|
CashInterest ReceivableInterest RevenueNotes ReceivableUnearned Interest | - Select - | - Select - | |
Accounts ReceivableCashNotes ReceivableNotes PayableUnearned Interest | - Select - | - Select - | |
Accounts ReceivableCashInterest ReceivableInterest RevenueInterest Payable | - Select - | - Select |
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a Determine the due date of the note Answer August 10 Refer to working note 1 b Deter...Get Instant Access to Expert-Tailored Solutions
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
22nd Edition
324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844
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