3 value: 3.20 points QS 7-8 Note receivable LO C2 On August 2, 2015, Jun Co. rec

Question

3 value: 3.20 points QS 7-8 Note receivable LO C2 On August 2, 2015, Jun Co. receives a $7,600, 90-day, 12% note from customer Ryan Albany as payment on his $7,600 account. 1. Compute the maturity date for the above note October 29 October 30 October 31 November 1 November 2 2. Prepare Jun's journal entry for August 2 View transaction list Journal entry worksheet Record receipt of note on account Note: Enter debits before credits Date General Journal Debit Credit Aug 02 Record entry Clear entry View general journal

Explanation / Answer

1) Maturity date = October 31

so answer is c) October 31

2) Journal entry :

date accounts & explanation debit credit Aug 02 Notes receivable 7600 Accounts receivable 7600 (To record receipt of notes)

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