Entries for notes receivable OBJ. 6 Master Designs Decorators issued a 180-day, 6% note for $75,000, dated
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Entries for notes receivable OBJ. 6 Master Designs Decorators issued a 180-day, 6% note for $75,000, dated May 14, 2016, to Morgan 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 Morgan Furniture and (2) receipt of payment of the note at maturity.
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Related Book For 
Financial And Managerial Accounting
ISBN: 9781305267831,9781305267848
13th Edition
Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac
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