ment/takeAssignmentMain.doinvoker assignments&itakeAssignmentSessiontocator; ass

Question

ment/takeAssignmentMain.doinvoker assignments&itakeAssignmentSessiontocator; assignment-take&inprogress; eBook 11·Show Me How Calculator Note Receivable Quick Tire and Lube received a 120-day, 6% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug 2 more Check My Work uses remaining

Explanation / Answer

a) Due date = 7 August

b) Maturity value = (96000*6%*120/360)+96000 = 97920

c) Journal entry :

date accounts & explanation debit credit Aug 7 Cash a/c 97920      Notes receivable a/c 96000      Interest revenue a/c 1920 (To record payment receipt)

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