During the month of February two promissory notes were written for the A/R. Both of the...
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During the month of February two promissory notes were written for the A/R. Both of the promissory notes face value was for $10K. Purple Inc details were 15% interest for 90 days granted on 2/14/2017 and Round Table inc details were 17% interest for 120 days granted on 2/20/2017. Please solve the note receivable information for both Notes: 1. What are their maturity dates? 2. What are their maturity values? 3. On a general journal show the journal entries necessary to create the note receivables? During the month of February two promissory notes were written for the A/R. Both of the promissory notes face value was for $10K. Purple Inc details were 15% interest for 90 days granted on 2/14/2017 and Round Table inc details were 17% interest for 120 days granted on 2/20/2017. Please solve the note receivable information for both Notes: 1. What are their maturity dates? 2. What are their maturity values? 3. On a general journal show the journal entries necessary to create the note receivables?
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Answer rating: 100% (QA)
To calculate the maturity dates and maturity values of the promissory notes we need to consider the stated interest rates and the number of days grant... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
Posted Date:
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