On July 9, Mifflin Company receives a $8,500, 90-day, 8% note from customer Payton Summers as payment on account. Compute the maturity date for the note.

Question

Quizplus · Accepted Answer

To compute the maturity date, we need to add the number of days in the note to the date it was received.

90 days after July 9 is October 7. Therefore, the maturity date for the note is October 7.

On July 9, Mifflin Company Receives a $8,500, 90-Day, 8