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SIUNLUCAROP=&inprogress=false I Calculator Note receivable Instructions Chart of Accounts Starting Questions Journal Instructions Lundquist Company received a 60-day, 7% note for $79,000, dated July 23,
SIUNLUCAROP=&inprogress=false I Calculator Note receivable Instructions Chart of Accounts Starting Questions Journal Instructions Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account Required: a Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a 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. Instructions Starting Questions a. Determine the due date of the note September 21 6. Determine the maturity value of the note. Assume 360 days in a year (Note: Round computations to the nearest whole dollar.) $79,921.67 Cilait of ACcounts Starting Questions Journal Instructions Starting Questions Journal C. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exect wording of account titles. JOURNAL ACCOUNTING I DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILIT Sep. 23 Cash 79.921.67 Notes Receivable 79.000.00 Interest Revenue 921.67
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