Question
Quick Tire and Lube received a 120-day, 8% note for $24,000, dated April 9, from a customer on account. Assume 360 days in a year.
Quick Tire and Lube received a 120-day, 8% note for $24,000, dated April 9, from a customer on account. Assume 360 days in a year.
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. If an amount box does not require an entry, leave it blank.
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Cost Accounting A Decision Emphasis
Authors: Germain Boer, Debra Jeter
5th Edition
0759341559, 978-0759341555
