A 30-Day Note Dated September 8 Has a Maturity Date

question 28

Multiple Choice

A 30-day note dated September 8 has a maturity date of

• A)October 8.
• B)October 7.
• C)October 9.
• D)October 6.

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Definitions:

Accounts Payable

Liabilities of a business that are owed to creditors for goods and services purchased on credit.

Estimated

An approximate calculation or judgment regarding a number, value, or size based on available data, often used in planning and forecasting.

Liabilities

Economic responsibilities or liabilities that a business must pay back to others, requiring the disbursement of economic resources over a period.

Sales Taxes Payable

A liability account that represents the amount of sales tax collected from customers by a business, which is owed to the government.