Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account. Linstrum Company received a 60-day, 9% note for $56,000, 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.e Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of theaccount titles CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOVjournals will automatically indent a credit entry when a credit amount is entered.Chart of AccountsCheck My WorkIICHART OF ACCOUNTSLinstrum CompanyGeneral LedgerAll work saved. a. Determine the due date of the note.September 21 ✔b. Determine the maturity value of the note. Assume 360 days in a year.SFeedback▼ Check My WorkThe due date is the date the note is to be paid.Points:JournalPoints:1/10/1Assume a 360-day year. The maturity value is the amount that must be paid at the due date of the note.

Name: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23
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Description: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account. Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.Required:a. Determine the due date of the note.b. D

Maturity value is principal value of the note plus interest

Business

Accounting

the due date of the note. the maturity value of the note. Assume 360 days in a year. the entry to record the receipt of the payment of the note at maturity. Refer to the chart c CNOW journals do not use lines for journal explanations. Every line on a journal page

the due date of the note. the maturity value of the note. Assume 360 days in a year. the entry to record the receipt of the payment of the note at maturity. Refer to the chart c CNOW journals do not use lines for journal explanations. Every line on a journal page

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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