On November 1,Year 1,Aero Graphics sold merchandise to a customer and received a 10%,90-day promissory note with a principal amount of $60,000.
A) Identify the maturity date of the note.
B) How much total interest revenue will the company earn over the term of the note?
C) By how much will net income be understated if the company fails to make a year-end adjusting entry for the note?
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