Question

On March 11, Rainz Company received a 90-day, 6 percent note for $ 1,500, dated March 11, from J. Rose, a charge customer, to satisfy his open account receivable.
a. What is the due date of the note?
b. How much interest is due at maturity?
Given the preceding data, write entries in general journal form on the books of Rainz Company to record the following:
c. Receipt of the note from J. Rose in settlement of his account.
d. Receipt of the principal and interest at maturity. Given the same data, write entries in general journal form on Rose’s books to record the following:
e. Issuance of the note by Rose in settlement of his account.
f. Payment of the note at maturity.



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  • CreatedOctober 21, 2014
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