Guzman Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on account. Required: a. Determine t...
Guzman Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on account. Required: 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. Refer to the Chart of Accounts for exact wording of account titles.
Homework Answers
A) Due date = July 12 + 60 days
= September 10
.
B) Maturity value
= 57,000 + (57,000*5%*60/360)
= 57,475
.
C)
| Cash | 57,475 | |
| Note receivable | 57,000 | |
| Interest revenue | 475 |
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