Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on

Question:

Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 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.

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...