60.1K

Verified Solution

Link Copied!

Instructions Linstrum Company received a 60-day, 9% note for $21.500, 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 380 days in a year. Do not round your intermediate calculations and round your final answer to the nearest dollar, c. Journalize the entry to record the recer of the payment of the noto at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use Nines for journal explanations. Every Nne on a journal page is used for debil or credit entrios. crow Journals will automatically indent a credit entry when a credit amount is entered FS Usons 83 A Determine the due date of the note b. Determine the mutually walue of the noto. Assume 300 days in a year. Do not round your intermediate calculations and round your final answer to the nearest doltar. First Questions Joumai c. Journal to the entry to record the receipt of the payment of the note at maturity Refer to the chart of accounts for the exact wording or the account tres. CNOW journals do not use Nines for journal explanations. Every ine on a jounal pape is used for det or credit entries. CNOW ournals wil wtomatically indent a credit entry when a credit amount is entered PAGES JOURNAL ACCOUNTING EQUATION DATE DESCROTON POST REY DENT CREDIT LABLES EQUITY 1 12 1

Answer & Explanation Solved by verified expert

See Answer