Question
Prefix Supply Company received a 60-day, 6% note for $28,000 dated July 12 from a customer on account. Required: a. Determine the due date of
Prefix Supply Company received a 60-day, 6% note for $28,000 dated July 12 from a customer on account.
Required:a. Determine the due date of the note.b. Determine thematurity valueof the note. Assume a 360-day year.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.
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Management Accounting
Authors: Late RC Sekhar, AV Rajagopalan
1st Edition
195683609, 978-0195683608
