Hasty and Tasty Foodservice received a 120-day, 9% note for $12,000, 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. $ 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

a.

August 7

b.

$12,360

c.

Dr. Cash                    $12,360

Cr. Interest Income  $360

Cr. Note receivable $12,000

Explanation:

Note Receivable is promise in writing to receive a sum of money in future. The money normally consists of Principal and interest.

In this question a note of $120,000 is received from the customer which will mature after 120 days and offer 9% interest on it.

Principal = $12,000

a.

Due date = April 9 + 120 days = August 7

b.

Maturity Value = Principal x ( ( 1 + interest rate ) x time period )

Maturity Value = $12,000 x  ( 1 + (9%  x 120/360 ) ) = $12,360

c.

Interest Income = $12,360 - $12,000 = $360

answer; ///i believe that the correct answer is (d) ///all of the

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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