Burke interior decorators issued a 60-day 9 note for 15000, Ask an Expert

Accounting

Burke Interior Decorators issued a 60-day, 9% note for $15,000, dated March 3, to Loree Fur- niture Company on account.

a. Determine the due date of the note.

b. Determine the maturity value of the note.

c. Journalize the entries to record the following: (1) receipt of the note by the payee, and (2) receipt by the payee of payment of the note at maturity.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797087

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