need help pleeeease 448530
Aug 29, 2021 | Uncategorized
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16. Lone Star Company received a 90 day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360 day year when calculating interest.)
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a.
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Determine the due date of the note.
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b.
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Determine the maturity value of the note.
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c.
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Journalize the entry to record the receipt of the payment of the note at maturity.
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17. Mr. Potts issued a 90 day, 7% note for $200,000, dated February 3rd to Valley Co. on account. (Assume a 360 day year when calculating interest.)
a. Determine the due date of the note.
b. Determine the interest.
c. Determine the maturity value of the note.
d. Journalize the entry to record the issuance of the note by Potts on Feb. 3.
e. Journalize the entry to record the receipt of payment of the note at maturity by Valley Co.
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