Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, 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. Cash Notes Receivable Interest Revenue
Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, 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. Cash Notes Receivable Interest Revenue
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Note Receivable
Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, 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.
| Cash | |||
| Notes Receivable | |||
| Interest Revenue |
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