On August 2, Jun Co. receives a $6,600, 90-day, 12% note from customer
QS 9-11 Note receivable LO C2
On August 2, Jun Co. receives a $6,600, 90-day, 12% note from customer Ryan Albany as payment on his $6,600 account receivable. 1. Compute the maturity date for the above note.
October 29
October 30
October 31
November 1
November 2
2. Prepare Jun's journal entry for August 2
Homework Answers
Answer-1)- The maturity date for the 12% note =October 31.
2)- Journal entry for August 2-
| Date | Accounts Titles & Explanation | Debit | Credit |
| $ | $ | ||
| Aug-02 | Notes receivable- R. Albany | 6600 | |
| Accounts Receivable-R. Albany | 6600 | ||
| (Being entry recorded for notes receivable received from Ryan Albany) |
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