Blackwell Industries received a 120-day, 9% note for $180,000, dated August 10 from a customer on account.
Required:
1. Determine the due date of the note.
2. Determine the maturity value of the note.
3. Journalize the entry to record the receipt of the payment of the note at maturity.

Question

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The Answer of Blackwell Industries received a 120-day, 9% note for $180,000, dated August 10 from a customer on account.
Required:
1. Determine the due date of the note.
2. Determine the maturity value of the note.
3. Journalize the entry to record the receipt of the payment of the note at maturity.

Blackwell Industries Received a 120-Day, 9% Note for $180,000, Dated