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Question - Prefix Supply Company received a 120-day, 8% note for $450,000, 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.
The due date is the date the note is to be paid.
Assume a 360 day year. The maturity value is the amount that must be paid at the due date 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.
Douglas Corporation had 120,000 shares of stock outstanding on January 1, 2010. On May 1, 2010, Douglas issued 60,000 shares. On July 1, Douglas purchased 10,000 treasury shares
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