Question
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Required: a. Determine the due date of
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account.
| Required: | |
| 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. Refer to the Chart of Accounts for exact wording of account titles. |
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. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |
|---|---|---|---|---|---|
| 1 |
| ||||
| 2 |
| ||||
| 3 |
|
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My Adventures As An Auditor
Authors: Michael Quoter
1st Edition
1079508821, 978-1079508826
