Lambert Supply Company received a 30-day, 5% note for $210,000 dated August 7 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.

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ChapterD: Notes Payable And Notes Receivable
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Lambert Supply Company received a 30-day, 5%
note for $210,000 dated August 7 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.
Transcribed Image Text:Lambert Supply Company received a 30-day, 5% note for $210,000 dated August 7 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.
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