Prefix Supply Company received a 120-day, 10% note for $12,000, dated April 12 from a customer on account. Assume 360-days in a year.

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a. Determine the due date of the note.

August 10April 21July 31June 30May 31

b. Determine the maturity value of the note. fill in the blank 1 of 1$

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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.

	Account	Debit	Credit
	CashInterest ReceivableInterest RevenueNotes ReceivableUnearned Interest	- Select -	- Select -
	Accounts ReceivableCashNotes ReceivableNotes PayableUnearned Interest	- Select -	- Select -
	Accounts ReceivableCashInterest ReceivableInterest RevenueInterest Payable	- Select -	- Select

Answer rating: 100% (QA)

a Determine the due date of the note Answer August 10 Refer to working note 1 b Deter... View the full answer