Question
Quick Tire and Lube received a 120-day, 10% note for $36,000, dated April 9, from a customer on account. Assume 360 days in a year.
Quick Tire and Lube received a 120-day, 10% note for $36,000, dated April 9, from a customer on account. Assume 360 days in a year.
a. Determine the due date of the note. August 7
b. Determine the maturity value of the note. $
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.
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Total Quality Safety Management And Auditing
Authors: Michael B. Weinstein
1st Edition
1566702836, 978-1566702836
