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

(a) Determine the maturity date of the promissory note.

(b) Determine the maturity value of the note.

(c) Journalize entries to record the following:

1. Receipt of the promissory note by the beneficiary, and

2. Receipt by the beneficiary of the amount owed on the promissory note at maturity.

Answer rating: 100% (QA)

a The maturity date of the promissory note can be calculated by adding the number of days mentioned ... View the full answer