question guzman company received a 60 day 7 note for 79 000 dated july12 from a cust 4284450
Question
Guzman Company received a 60-day, 7% note for $79,000 dated July12 from a customer on account.
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Required: |
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a. Determine the due date of the note. |
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b. Determine the maturity value The amount that is due at the maturity or due date of anote. of the note. |
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c. Journalize the entry to record the receipt of the payment ofthe note at maturity. Refer to the Chart of Accounts for exactwording of account titles. 1. Determine the due date of the note. 2. Determine the maturity value The amount that is due at the maturity or due date of anote. of the note. (Note: Round computations to the nearest wholedollar.)? 3. Complete Journal |