Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on
Question:
Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 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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Step by Step Answer:
a The due date for the note is August 10 determined ...View the full answer
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Ali Khawaja
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Related Book For 
Financial And Managerial Accounting
ISBN: 9780357714041
16th Edition
Authors: Carl S. Warren, Jefferson P. Jones, William Tayler
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