Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account.
Required: | |
a. Determine the due date of the note. | |
b. Determine the maturity value of the note. Assume 360 days in a year. | |
c. |
![C. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa208225-71d5-4cd2-87ee-3cbfb8a90204%2F69e51e70-25e5-43ea-a658-1da62b6926ec%2Fiy176pn_processed.png&w=3840&q=75)
Transcribed Image Text:C. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
![a. Determine the due date of the note.
b. Determine the maturity value of the note. Assume 360 days in a year. (Note: Round computations to the nearest whole dollar.)
2$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa208225-71d5-4cd2-87ee-3cbfb8a90204%2F69e51e70-25e5-43ea-a658-1da62b6926ec%2Ft1yz7yj_processed.png&w=3840&q=75)
Transcribed Image Text:a. Determine the due date of the note.
b. Determine the maturity value of the note. Assume 360 days in a year. (Note: Round computations to the nearest whole dollar.)
2$
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