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Determine the maturity value of the note

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Question - Westrac Ltd. received a 90 days, 12% note for $50,000, dated Sept 22, 2016 from a customer, A. Lizarraga to settle her account.

a. Determine the due date of the note. Show calculation.

b. Determine the maturity value of the note. Show calculation.

c. Should Westrac Ltd. record an adjusting entry for accrued interest revenue on this note at December 31, 2016, the end of the accounting period? Explain why or why not.

Reference no: EM132898165

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