Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a.  Determine the due date of the note. b.  Determine the maturity value of the note. $fill in the blank f3b771fe205d07f_2 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.   Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7   fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3     fill in the blank 332b

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year.

a.  Determine the due date of the note.

b.  Determine the maturity value of the note.
$fill in the blank f3b771fe205d07f_2

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.

 

  • Accounts Receivable
  • Cash
  • Interest Receivable
  • Interest Revenue
  • Notes Receivable
  • Unearned Interest
Aug. 7   fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3
    fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6
    fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9
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