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Assuming a 360 -day year the maturity value of a 15000, 9%,60-day note receivable dated February 10th is:
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Assuming a 360 -day year the maturity value of a 15000, 9%,60-day note receivable dated February 10th is:

User Mranz
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4 votes

Answer:

the maturity value of the note receivable is $15,225, and includes both principal plus interest revenue.

Step-by-step explanation:

when the note is collected on April 11, the journal entry should be:

April 11, collection of notes receivable

Dr Cash 15,225

Cr Notes receivable 15,000

Cr Interest revenue 225

interest revenue = $15,000 x 9% x 2/12 = $225

User Greenimpala
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