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Category > Marketing Posted 22 Apr 2017 My Price 3.00

PE 8-5B Note receivable

PE 8-5B Note receivable

Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account.

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.

Answers

Alpha Geek
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Status NEW Posted 22 Apr 2017 12:04 PM My Price 3.00

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Attachments

file 1492865887-Prefix Supply Company.docx preview (145 words )
P-----------E 8------------5B----------- No-----------te -----------rec-----------eiv-----------abl-----------e -----------Pre-----------fix----------- Su-----------ppl-----------y C-----------omp-----------any----------- re-----------cei-----------ved----------- a -----------120------------da-----------y, -----------8% -----------not-----------e f-----------or -----------$45-----------0,0-----------00,----------- da-----------ted----------- Ap-----------ril----------- 9 -----------fro-----------m a----------- cu-----------sto-----------mer----------- on----------- ac-----------cou-----------nt.----------- a-----------. D-----------ete-----------rmi-----------ne -----------the----------- du-----------e d-----------ate----------- of----------- th-----------e n-----------ote-----------. -----------b. -----------Det-----------erm-----------ine----------- th-----------e m-----------atu-----------rit-----------y v-----------alu-----------e o-----------f t-----------he -----------not-----------e. ----------- c.----------- Jo-----------urn-----------ali-----------ze -----------the----------- en-----------try----------- to----------- re-----------cor-----------d t-----------he -----------rec-----------eip-----------t o-----------f t-----------he -----------pay-----------men-----------t o-----------f t-----------he -----------not-----------e a-----------t m-----------atu-----------rit-----------y. ----------- An-----------swe-----------r t-----------o P-----------art----------- a)-----------: ----------- -----------Due----------- Da-----------te -----------of -----------the----------- no-----------te -----------= 1-----------20 -----------day-----------s f-----------rom----------- is-----------sue----------- of----------- No-----------te ----------- W-----------hil-----------e C-----------alc-----------ula-----------tin-----------g D-----------ue -----------dat-----------e o-----------f N-----------ote-----------, t-----------he -----------day----------- of----------- is-----------sue-----------
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