4 Nov. 15 Cash Notes receivable A/R - Argo Dec. 31 Chapter 9 Part II in Class Notes Receivable 2 1 3. Prepare journal entries of Garden Company. The year-end is Dec. 31. On November 15, 2020, Garden Company agreed to accept $500 in cash and 5 a $2,000, 90-day, 8% note from Argo Company to settle its $2,500 past-due 6 account. Determine the maturity date and record the entry on 7 November 15, on December 31, and on the date of maturity. 8 9 Days in November 10 Minus: days of Note 11 Days remaining in November 12 Add: days in December 31 13 46 14 Add: days in January 31 15 77 16 Add: days in February (days to equal to 90) 17 90 18 Maturarity date 19 Notes Recevable Apple Demo Microsoft Google 30 15 15 2000 x 8% x 45 days/365 days Feb, 13 Dec. 15 16 Add: days in February (days to equal to 90) 17 90 18 Maturarity date 19 20 2 21 Garden Company held an $1,800, 6%, 45-day note of Altamira Industries. 22 At maturity, December 15, Altamira dishonoured the note. 23 Record the dishonouring of the Note Receivable. 24 25 26 27 28 Notes Receivable Apple Demo Microsoft Google