Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

Exercise 38

A Note receivable
Guzman Company received a 60-day, 5% note for $54,000 dated July 12 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.
B Note receivable
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.