5) ABC receives a $9,000, 8%, 2-month note. The maturity value is:

6) Tarheel Services is holding a note receivable from one of its customers, and wishes to collect the cash earlier than the maturity date of the note. The note is for $1,000 and carries a rate of 4%. Tarheel sells the note to a bank for $950. Please provide the journal entry which Tarheel makes to record this transaction.

7) Tarheel Services is holding a note receivable from one of its customers, and wishes to collect the cash earlier than the maturity date of the note. The note is for $1,000 and carries a rate of 4%. Tarheel sells the note to a bank for $1,080. Please provide the journal entry with Tarheel makes to record this transaction.