On August 2, 2013, Jun Co. receives a $ 6,000, 90-day, 12% note from customer Ryan Albany
Question:
On August 2, 2013, Jun Co. receives a $ 6,000, 90-day, 12% note from customer Ryan Albany as payment on his $ 6,000 account.
(1) Compute the maturity date for this note.
(2) Prepare Jun’s journal entry for August 2.
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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1 Maturity date is October 31 which is computed as follows Days in August 31 M...View the full answer
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Related Book For 
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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