Problem - Guzman Company received a 60-day, 4% note for $46,000 dated July 12 from a customer on account.
Required:
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. Refer to the Chart of Accounts for exact wording of account titles.
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ASSETS
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110
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Cash
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|
111
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Petty Cash
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120
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Accounts Receivable
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129
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Allowance for Doubtful Accounts
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|
132
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Notes Receivable
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|
141
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Merchandise Inventory
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|
145
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Office Supplies
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|
146
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Store Supplies
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|
151
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Prepaid Insurance
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|
181
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Land
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|
191
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Store Equipment
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|
192
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Accumulated Depreciation-Store Equipment
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|
193
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Office Equipment
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194
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Accumulated Depreciation-Office Equipment
|
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LIABILITIES
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|
210
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Accounts Payable
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|
211
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Salaries Payable
|
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213
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Sales Tax Payable
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214
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Interest Payable
|
|
215
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Notes Payable
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EQUITY
|
|
310
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Common Stock
|
|
311
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Retained Earnings
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|
312
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Dividends
|
|
313
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Income Summary
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|
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REVENUE
|
|
410
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Sales
|
|
610
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Interest Revenue
|
|
EXPENSES
|
|
510
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Cost of Merchandise Sold
|
|
520
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Sales Salaries Expense
|
|
521
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Advertising Expense
|
|
522
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Depreciation Expense-Store Equipment
|
|
523
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Delivery Expense
|
|
524
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Repairs Expense
|
|
529
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Selling Expenses
|
|
530
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Office Salaries Expense
|
|
531
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Rent Expense
|
|
532
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Depreciation Expense-Office Equipment
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|
533
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Insurance Expense
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|
534
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Office Supplies Expense
|
|
535
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Store Supplies Expense
|
|
536
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Credit Card Expense
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|
537
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Cash Short and Over
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|
538
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Bad Debt Expense
|
|
539
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Miscellaneous Expense
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|
710
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Interest Expense
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