Answered: On June 1, Eastern Company issued a…

On June 1, Eastern Company issued a $120,000, 6%, 120-day note payable to First National Bank. Assuming a 360-day year for your calculations, what is the maturity value of the note?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Question

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Please provide the accurate answer to this general accounting problem using appropriate methods.

On June 1, Eastern Company issued a $120,000, 6%, 120-day note
payable to First National Bank. Assuming a 360-day year for your
calculations, what is the maturity value of the note?

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