Linstrum Company received a 60-day, 6% 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. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Name: Linstrum Company received a 60-day, 6% note for $28,000, dated July 23
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Description: Linstrum Company received a 60-day, 6% 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. Do not round your intermediat

Note receivable: Note receivable refers to a written promise received by the creditor from the…

Answered: Assume 360 days in a year. Do not round…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 3AP

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Linstrum Company received a 60-day, 6% 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. Do not round your intermediate calculations and round your final answer to the nearest dollar.
	c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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