On August 2, Jun Co. receives a $6,400, 90-day, 12% note from customer Ryan Albany as payment on his $6,400 account receivable. 1. Compute the maturity date for the above note. O October 29 O October 30 O October 31 O November 1 O November 2 2. Prepare Jun's journal entry for August 2.

On August 2, Jun Co. receives a $6,400, 90-day, 12% note from customer Ryan Albany as payment on his $6,400 account receivable. 1. Compute the maturity date for the above note. O October 29 O October 30 O October 31 O November 1 O November 2 2. Prepare Jun's journal entry for August 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On August 2, Jun Co. receives a $6,400, 90-day, 12% note from customer Ryan Albany as payment on his $6,400 account receivable.
1. Compute the maturity date for the above note.
O October 29
O October 30
O October 31
O November 1
O November 2
2. Prepare Jun's journal entry for August 2.

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