Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, from a customer on

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Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, 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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