The amount of the promissory note plus the interest earned on the due date is called the
answer
maturity value
question
A 60-day, 10% note for $9,000, dated April 15, is received from a customer on account. The face value of the note is
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$9,000
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A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. The maturity value of the note is
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$10,200
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On October 1, Black Company receives a 6% interest bearing note from Reese Company to settle a $20,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of
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$300
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If the maker of a promissory note fails to pay the note on the due date, the note is said to be
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dishonored
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The journal entry to record a note received from a customer to apply on account is