(a)
Note receivable:
Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.
Due date:
Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.
The due date for the note received on July 12.
(b)
The maturity value of the note.
(c)
To journalize: The entry to record the receipt of the payment of the note at maturity.
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