Value of the note ? A 120-day, 7% note for $15,000 dated July 1 is received from a customer onaccount. What is the maturity value of the note?Options:a) $15,000b) $15,350c) $15,700d) $14,800

Step 1:First, calculate the interest amount: Interest = Face value of note * Rate of interest *…

Answered: A 120-day, 7% note for $15,000 dated…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Similar questions

Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
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A 120-day, 7% note for $15,000 dated July 1 is received from a customer on account. What is the maturity value of the note? Options: a) $15,000 b) $15,350 c) $15,700 d) $14,800