Quick Tire and Lube received a 120-day, 8% note for $72,000, 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 0578eff5f02bffe_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. Aug. 7   fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3     fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6     fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Quick Tire and Lube received a 120-day, 8% note for $72,000, 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 0578eff5f02bffe_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.

Aug. 7   fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3
    fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6
    fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9
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