Question: Wolfe Company issued a 60-day, 8% note for $15,000.00, dated April 5, to Lamb Company on account. (a) Determine the due date of the note.

Wolfe Company issued a 60-day, 8% note for $15,000.00, dated April 5, to Lamb Company on account.

(a) Determine the due date of the note.

(b) Determine the maturity value of the note.

(c) Journalize the entries to record the following:

1. Receipt of the note by the payee, and

2. Receipt by the payee of the amount due on the note at maturity.

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