Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, dated April 9,...

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Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, dated April 9,...

Note Receivable

Quick Tire and Lube received a 120-day, 7% note for $36,000, dated April 9, from a customer on account. Assume 360 days in a year.

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. If an amount box does not require an entry, leave it blank.

business accounting

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Answer 1

Answer #1

A) August 7

.

B)Maturity value = 36000 + (36,000*7%*120/360)

= 36,840

.

C)

Cash	36,840
Notes Receivable		36,000
Interest revenue		840

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Answer 2

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Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, dated April 9,...