Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.
Question:
Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, 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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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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