Question: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from a customer on account. Required: a. Determine the due date of the

Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from a customer on account.

Required:
a. Determine the due date of the note.
b. Determine the maturity value of the note. Assume 360 days in a year.
c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.

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