Answered: Compute the maturity date for the above…

Compute the maturity date for the above note. multiple choice October 29 October 30 October 31 November 1 November 2 2. Prepare Jun’s journal entry for August 2.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 3QY: For a journal entry to be complete, it must contain a. the date. b. a debit entry. c. a credit...

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Question

On August 2, Jun Co. receives a $7,300, 90-day, 12% note from customer Ryan Albany as payment on his $7,300 account.

1. Compute the maturity date for the above note.

multiple choice

October 29
October 30
October 31
November 1
November 2

2. Prepare Jun’s journal entry for August 2.

Record receipt of note on account.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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