Entries for notes receivable Obj. 6 Valley Designs issued a 120-day, 6% note for $80,000 dated April 20 to Bork 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 Bork Furniture and

(2) receipt of payment of the note at maturity.

AppendixLO1