Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, from a customer on
Question:
Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, 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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Answers a Issue date 12Jun No of days 120 Due Date 18 days of June 31 days of jul 31 da...View the full answer
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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