Note Receivable Hasty and Tasty Foodservice received a 120-day, 6% note for $60,000, dated April 9,...

 

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Note Receivable Hasty and Tasty Foodservice received a 120-day, 6% note for $60,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note.. August 7 b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Cash Notes Receivable Interest Revenue 1,200 Note Receivable Hasty and Tasty Foodservice received a 120-day, 6% note for $60,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note.. August 7 b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Cash Notes Receivable Interest Revenue 1,200

Answer rating: 100% (QA)

a April 21 May 31 June 30 July 31 August 7 Total 120 days Due date ... View the full answer