Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.

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Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account. 

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.

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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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