Problemprefix supply company received a 120-day 8 note for, Ask an Expert

Accounting

Problem

Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account.

a. Determine the due date of the note.
b. Determine the maturity value of the note.
c. Journalize the entry to record the receipt of the payment of the note at maturity.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92798485

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