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Question - Hasty and Tasty Foodservice received a 120-day, 7% note for $60,000, dated April 9 from a customer on account. Assume 360 days in a year.
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. If an amount box does not require an entry, leave it blank.
What is the Journal Entry for both transactions: ABC received $300,000 in cash for issuing 10,000 shares of $9.00 par common stock.
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