Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer...

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Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer...

Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 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.

business accounting

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Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer...

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Add Answer to: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer...

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Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer...