Question: On August 2, 2015, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account. (1) Compute the

On August 2, 2015, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account.

(1) Compute the maturity date for this note.

(2) Prepare Jun’s journal entry for August 2.

Step by Step Solution

★★★★★

3.40 Rating (175 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

1 Maturity date is October 31 which is computed as follows Days in August 31 Minus the ... 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

441-B-A-C-R (2877).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

Compute interest and find the maturity date for the following notes. Date of Note (a ne 10 (b) July 14 (c) April 27 Principal $80,000 $64,000 $12,000 Interest Rate (%) 6% 7% 8% Terms 60 days 90 days...

Q:

Compute interest and find the maturity date for the followingnotes. Date of Note June 10 (a) July 14 (h) April 27 Principal Terms 60 days 90 days 75 days Interest Rate (%) 6% $80,000 $50,000 $12.000...

Q:

Compute interest and find the maturity date for the followingnotes. Date of Note June 10 July 14 April 27 Interest Rate (%) Principal Terms 60 days 90 days 75 days $80,000 $50,000 $12,000 6% (b) 7% 8%

Q:

Financial Accounting Fundamentals, Fifth Edition Chapter 7 Accounting for Receivables Warner Company's year- end unadjusted trial balance shows accounts receivable of $99,000, allowance for OS 7-1...

Q:

Exercise: At December 31, Folgeys Coffee Company teports the following results for its calendar year. Cactiontes Crectit sales $900000 s300,000 Its year-end unadjusted trial balance includes the...

Q:

3 value: 3.20 points QS 7-8 Note receivable LO C2 On August 2, 2015, Jun Co. receives a $7,600, 90-day, 12% note from customer Ryan Albany as payment on his $7,600 account. 1. Compute the maturity...

Q:

On August 2. Jun Company receives a $6 , 000 , 90 -day, 12% note from customer Ryan Albany as payment on his $6 , 000 account receivable. 1. Compute the maturity date for this note. 2. Prepare Jun's...

Q:

Refer to the information in QS 7-5 and prepare the journal entry assuming the note is honored by the customer on October 31, 2013. QS 7-5 On August 2, 2013, Jun Co. receives a $6,000, 90-day, 12%...

Q:

value: 2.20 points QS 7-9 Note receivable honored LO P3 On August 2, 2015, Jun Co. receives a $6,200, 90-day, 13.0% note from customer Ryan Albany as payment on his $6,200 account. Prepare Jun's...

Q:

On August 2, 2005, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account. Prepare Juns journal entries for August 2 and for the notes maturity date...

Q:

You are considering two investment options. In option A, you have to invest RM6000 now and RM1000 three years from now. In option B. you have to invest RM1500 now, RM1500 a year from now, and RM1000...

Q:

Being or Being: n1. My sick friends. n2. One o'clock (on the dot). n3. Where are the cats and dogs? In his house? n4. From where (you)? From Paraguay? n5. Eduardo is very happy today.

Q:

Find the slope and y - intercept of the following line. x - 7 y = - 5

Q:

Leasing serves as a commitment device that enables IBM to keep prices high. The leasing contracts make it much more costly for IBM to lower its price. When its machines are on short-term leases, any...

Q:

Samsung is thinking of expanding sales of its most popular smart-phone model by 65%. Should we expect its variable and fixed costs for this model to stay within the relevant range? Explain.

Q:

SBD Phone Company sells its waterproof phone case for $90 per unit. Fixed costs total $162,000, and variable costs are $36 per unit. Determine the (1) Contribution margin per unit (2) Break-even...

Q:

SBD Phone Company sells its waterproof phone case for $90 per unit. Fixed costs total $162,000, and variable costs are $36 per unit. Determine the (1) Contribution margin ratio (2) Break-even point...

Q:

The YTM on a bond is the interest rate you earn on your investment if interest rates dont change. If you actually sell the bond before it matures, your realized return is known as the holding period...

Q:

5 marks 3. Consider the set T whose elements are all the factors of 1000 and denote a relation 1' C T x T such that orb if a is a factor of b. i. Verify that (T,1') is a poset. ii. Give the least...

Q:

Dantzler Corporation is a fast-growing supplier of office products. Analysts project the following free cash flows (FCFs) during the next 3 years, after which FCF is expected to grow at a constant 4%...