Question: Mountain Supply received a 60-day, 7% note for $120,000, dated April 2 from a customer on account. a. Determine the due date of the note.

Mountain Supply received a 60-day, 7% note for $120,000, dated April 2 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.


Step by Step Solution

★★★★★

3.41 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a The due date for the note is June 1 determined as follows April 28 days 30 ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

142-B-A-C-R (1193).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

For the following taxpayers, determine the due date of their tax returns. a. Jerome, single taxpayer, is not requesting an extension this year. Assume the due date falls on a Tuesday. b. Lashaunda, a...

Q:

Mountain Supply received a 90-day, 8% note for $25,000, dated August 10 from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize...

Q:

Determine the due date and the amount of interest due at maturity on the followingnotes: Date of Note August 30 May 30 Face Amount 18,000 12,000 15,000 Interest Rate 10 12 9. 10 Term of Note 120 days...

Q:

UILULUTUS5=lise Calculator Note receivable Instructions Chart of Accounts Starting Questions Journal Instructions Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a...

Q:

prefix supply company received a 60-day, 10% note for $48,000 dated July 12 from a customer on account. determine the due date of the note, Note receivable Instructions Chart of Accounts First...

Q:

Guzman Company received a 60-day, 7% note for $79,000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. c....

Q:

Instructions Lundquist Company received a 60-day, 7 % note for $79,000, dated July 23, from a customer on account Required: a Determine the due date of the note b. Determine the mafunity value of the...

Q:

Question 7 Instructions Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account Required: a. Determine the due date of the note. b. Determine the maturity...

Q:

Guzman Company received a 60-day, 7% note for $79,000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value The amount that is due...

Q:

Instructions Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account. Required: a Determine the due date of the note. b. Determine the maturity value of...

Q:

Which enzymes or chemicals would you choose to use to cut the protein from Question 50? Why?

Q:

Juliette recently graduated with an MBA. In August 2017, she borrowed $50,000, and she borrowed another $50,000 in August 2018. Her student loan has an annual interest rate of 2% compounded monthly....

Q:

Question 5 5 pts Working - capital loans are normally secured by a business firm's plant and equipment. True False

Q:

8 What is foreign currency hedging by means of borrowing the foreign currency converting it to the home currency, and placing the home currency on deposit known as? A Forward rate hedging B Money...

Q:

42.Which of the following would most likely appear as a liability on the balance sheet of a healthcare organization? a. Interest payments made by the healthcare organization on an outstanding loan....

Q:

Answer this question upton 300 words: Create a Gap Analysis to illustrate the what resources/assets/staff Hagen Dazs will have to acquire to ENTER and successfully operate in the Brazilian market....

Q:

Hi tutor!! please attach it to excel and save it to gdrive and give me the link thankyouu. I hope you can give me the correct answers thankyou.. Read, understand and solve each item carefully. Use...