Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 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. Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. bordoes 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. 388 Aug. 7 Feedback Check My Work At the due date, the company records the receipt of payment on the note.
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 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. Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. bordoes 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. 388 Aug. 7 Feedback Check My Work At the due date, the company records the receipt of payment on the note.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please only answer parts b and c.
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Note Receivable
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 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.
Feedback
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Check My Work
The due date is the date the note is to be paid.
Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note.
of doe
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.
Aug. 7
Feedback
Check My Work
At the due date, the company records the receipt of payment on the note.
Feedback
Check My Work
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