Note Receivable Cube Ice Company received a 120-day, 10% note for $48,000, dated April 9 from...

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Note Receivable Cube Ice Company received a 120-day, 10% note for $48,000, dated April 9 from...

Note Receivable

Cube Ice Company received a 120-day, 10% note for $48,000, dated April 9 from a customer on account. Assume 360 days in a year.

a. Determine the due date of the note.
August 7

b. Determine the maturity value of the note.
$

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c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.

Aug. 7	Cash
	Notes Receivable
	Interest Revenue

business accounting

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Answer 1

Answer #1

b	Principal	$48,000
	Interest	$1,600
	($48,00010%120/360)
	Maturity value	$49,600

c
Aug-07	Cash	$49,600
	Notes Receivable		$48,000
	Interest Revenue		$1,600

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Answer 2

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