A.
April | 17 days |
May | 31 days |
June | 30 days |
July | 31 days |
August | 31 days |
September | 30 days |
October | 10 days |
Total | 180 days |
Due date of note = October 10
b.
Interest on note = Note x Interest rate x time period
= 82,600 x 5% x 180/360
= $2,065
Maturity value of note = Note + Interest on note
= 82,600+2,065
= $84,665
c.
Date | General Journal | Debit | Credit |
April 13 | Note receivable | $82,600 | |
Accounts payable | $82,600 | ||
( To record receipt of note) | |||
October 10 | Cash | $84,665 | |
Note receivable | $82,600 | ||
Interest revenue | $2,065 | ||
( To record receipt of payment of note) |
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