Oregon Interior Decorators issued a 90-day, 6% note for $90,000, dated April 9, to Corvallis Furniture Company
Question:
Oregon Interior Decorators issued a 90-day, 6% note for $90,000, dated April 9, to Corvallis 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 Corvallis Furniture and
(2) Receipt 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...
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a July 8 21 31 30 8 b 91350 90000 6 90360 90000 c 1 Notes Receiv...View the full answer
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