People Window Help CengageNOWv2 Online teaching and learning resource from Cenga

Question

People Window Help CengageNOWv2 Online teaching and learning resource from Cengage Learning tMain.do?invoker &takeAssignmentSessionLocator; assignment-take&inprogress-false; Show Me How Caloulator receivable Chart of Accounts First Questions Journal tructions fx Supply Company received a 60day, 6% rote for S28.000 dated July 12hom a a stormer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year ?.Journalze the entry to record the recept ofthe paymentofthe note at matrny. Refer tote Cart of Acounts for exact wording of account tities Check My Work 2 more Check My Work uses remsining Save and Exit Submit Assignmen All work saved.

Explanation / Answer

a Due date of the note = September 10 b Maturity value=28000+(28000*6%/360*60)= $28280 c Date Description Post ref Debit Credit Assets Liabilities Equity 10-Sep Cash 28280 28280 Notes receivable 20000 -20000 Interest revenue 280 280

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.