On May 4, Garza Sales Co. sold a $5,500
by | Mar 18, 2020 | Uncategorized
6. On May 4, Garza Sales Co. sold a $5,500 machine to a customer. The customer signed a 60-day, 4% note. What entry does Garza make on May 5?
A. Accounts Receivable 5,536
Sales Revenue 5,500
Interest Revenue 36
B. Sales Revenue 5,500
Accounts Receivable 5,500
C. Note Receivable 5,500
Sales Revenue 5,500
D. Cash 5,720
Notes Receivable 5,500
Interest Revenue 220
7. Refer to Question 6. What is the maturity date and the maturity value of the note? (Round to the closest dollar)
Maturity date Maturity value
A. July 3 $5,500
B. July 4 $5,720
C. July 2 $5,536
D. July 3 $5,536
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