Holsten Interior Decorators issued a 90 day, 9 note for $25,000, dated April 6, to Maderia Furniture Company on account a Determine the due date of the note b Determine the maturity value of the note c Journalize the entries to record the following (1) Receipt of the note by the payee and (2) Recei...

a July 5 b 2556250 25000 009 90360 25000 ...

Holsten Interior Decorators issued a 90-day, 9% note for $25,000, dated April 6, to Maderia Furniture Company

Question:

Holsten Interior Decorators issued a 90-day, 9% note for $25,000, dated April 6, to Maderia Furniture Company on account.
a. Determine the due date of the note.
b. Determine the value of the note.
c. Journalize the entries to record the following:
(1) Receipt of the note by the payee and
(2) Receipt by the payee of payment of the note at Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...