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P 7-9 LO5 Recording Notes Receivable On September 30, Q. Computer Inc. has the following...

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Accounting

P 7-9 LO5 Recording Notes Receivable On September 30, Q. Computer Inc. has the following Notes Receivable: Face value $350,000 260,000 580,000 Date Maker Term July 4 Suntory Co. 90 days Aug. 15 Toyota Co. 60 days Sep. 30 Kyoto Inc. 4 months Interest is computed following the practice that there are 360 days a year. Interest rate 8% 9% 10% Required: 1. What's the maturity date of these three notes? 2. Suppose that Q. Computer Inc. prepares financial statements as of September 30. Make the entries necessary on September 30. 3. Make the entries necessary during October for Q. Computer Inc., assuming that on the maturity date the note maker pays the note and interest in full.
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Recording Notes Receivable On September 30, Q. Computer Inc. has the following Notes Receivable: Interest is computed following the practice that there are 360 days a year. Required: 1. What's the maturity date of these three notes? 2. Suppose that Q. Computer Inc, prepares financial statements as of September 30. Make the entries necessary on September 30. 3. Make the entries necessary during October for Q. Computer Inc., assuming that on the maturity date the note maker pays the note and interest in full

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