Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ 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.
Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ 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.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 2P
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Note Receivable
Quick Tire and Lube received a 120-day, 7% note for $12,000, 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.
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