1. On August 2, 2011, JLK Co. receives a $5,500, 90-day, 12% note from customer Tom Menke as payment on his $9,000 account.
(1) Compute the maturity date for this note.
(2) Prepare JLK's journal entry for August 2.
2. On August 2, 2011, JLK Co. receives a $5,500, 90-day, 12% note from customer Tom Menke as payment on his $9,000 account.
(1) Compute the maturity date for this note.
(2) Prepare JLK's journal entry for August 2.
3. Refer to the information in QS 9-5 and Prepare the journal entry assuming the note is honored by the customer on October 31, 2011.