Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. C. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY12 a. Determine the due date of the note.b. Determine the maturity value of the note. Assume 360 days in a year. (Note: Round computations to the nearest whole dollar.)2$

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

Answered: Lundquist Company received a 60-day, 7%…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lundquist Company received a 60-day, 7% note for $79,000, 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.

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.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2

a. Determine the due date of the note.
b. Determine the maturity value of the note. Assume 360 days in a year. (Note: Round computations to the nearest whole dollar.)
2$

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