Question: Watson Co. issued a 50-day, 8% note for $18,000, dated April 5, to Laker Company on account. (Assume a 360-day year when computing interest.)

Watson Co. issued a 50-day, 8% note for $18,000, dated April 5, to Laker Company on account. (Assume a 360-day year when computing interest.) a. Determine the due date of the note. June 5 b. Determine the maturity value of the note. Do not round intermediate calculations and round your final answer to the nearest dollar. S 18,240 c. Journalize the entries to record the following: 1. Receipt of the note by the payee. 2. Receipt by the payee of the amount due on the note at maturity, If an amount box does not require an entry, leave it blank. Do not round intermediate calculations and round your final answers to the nearest dollar. 1. Note Receivable-Watson Co. Account Receivable-Watson Co. 4 18.000 2. Cash Note Receivable-Watson Co. Interest Revenue 18.000 18.240 18.000 240

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