Kent Company received the notes listed below in 2016. Compute the interest to be paid and the maturity value of each note. Show all computations.

Analyze:
Assuming all notes are paid when due, what would be the balance in Notes Receivable on July 31?

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Note No. 30 31 32 Date May 4 July 8 Aug. 20 Face Amount $24,000 16,000 20,000 Period 60 days 0 days 4 months Interest Rate 8.5