qs 9-13 (algo) note receivable lo c2\non august 2, jun company receives a $6,200, 90 - day, 13.0% note from…

qs 9-13 (algo) note receivable lo c2\non august 2, jun company receives a $6,200, 90 - day, 13.0% note from customer ryan albany as payment on his $6,200 account receivable.\n1. compute the maturity date for this note\n2. prepare juns journal entry for august 2.\ncomplete this question by entering your answers in the tabs below.\nrequired 1 required 2\ncompute the maturity date for this note.\ncompute the maturity date for this note.

qs 9-13 (algo) note receivable lo c2\non august 2, jun company receives a $6,200, 90 - day, 13.0% note from customer ryan albany as payment on his $6,200 account receivable.\n1. compute the maturity date for this note\n2. prepare juns journal entry for august 2.\ncomplete this question by entering your answers in the tabs below.\nrequired 1 required 2\ncompute the maturity date for this note.\ncompute the maturity date for this note.

Answer

Explanation:

Step1: Determine days in August

August has 31 days. The note is received on August 2, so the number of days remaining in August is $31 - 2=29$ days.

Step2: Calculate remaining days after August

The note is 90 - day. After using 29 days in August, the remaining days are $90-29 = 61$ days.

Step3: Determine days in September

September has 30 days. After using 30 days in September from the remaining 61 days, the number of days left is $61 - 30=31$ days.

Step4: Determine maturity - date

October has 31 days and we need 31 more days. So the maturity date is October 31.

For the journal - entry on August 2: The company is receiving a note receivable in settlement of an accounts receivable. The journal entry is:

Account Titles and Explanation Debit ($) Credit ($)
Notes Receivable 6200
Accounts Receivable - Ryan Albany 6200
(To record the receipt of a note receivable in settlement of an accounts receivable)

Answer:

  1. October 31
  2. Debit Notes Receivable $6200$; Credit Accounts Receivable - Ryan Albany $6200$