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ElenaW [278]
3 years ago
7

Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on account. Required: a. Determine the

due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. 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
2 answers:
Alex3 years ago
6 0

Answer:

a. Sep 10

b. $21,823

c. $21,500

Explanation:

a) Due date of the note

July 13 to 31 = 19 days

Aug 1 to 31 = 31 days

Sep 1 to Sep 10 = 10 days

due date is Sep 10

b) Maturity value of the note

$ 21500 + $ 21500*9%*60/360

= $ 21823

c) Journal entry

Cash debit $ 21823

interest recieved credit $323

Notes Receivable credit $ 21500

Gemiola [76]3 years ago
5 0

Answer:

A. SEPTEMBER 10

B.$28,420

C.Dr Cash $28,420.00

Cr Notes Receivable $28,000

Cr Interest Revenue $420.00

Explanation:

A.

September 10

B.

[$28,000 + ($28,000x 9% x 60 ÷ 360)

$28,000+$420

=$28,420

C.

Sept 10

Dr Cash $28,420.00

Cr Notes Receivable $28,000

Cr Interest Revenue $420.00

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Explanation:

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lutik1710 [3]
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4 years ago
In terms of the Job Characteristics Model, feedback refers to the extent to which _____.
Bond [772]

Answer:

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Crow manufacturers, inc. projected sales of 52,149 bicycles for 2012. the estimated january 1, 2012, inventory is 5,002 units, a
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The projected sales ar 52,149 units of bikes for 2012. On hand at Jan 1, 2012 are 5002 units. So 52,149-5002= 47137+6831= 53,978 bikes to make in 2012 in other words, the net production to make the 52149 is 47137 plus the desired inventory at the end of 2012 totals the 53,978.
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3 years ago
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