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Autumn Designs & Decorators issued a 120-day, 4% note for $76,800, dated April 13 to Zebra Fumiture Company on account. Required: a. Determine the
Autumn Designs & Decorators issued a 120-day, 4% note for $76,800, dated April 13 to Zebra Fumiture Company on account. Required: a. Determine the due date of the note b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entries to record the following: (1) receipt of the note by Zebra Fumiture and (2) receipt of payment of the note at maturity: Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered First Questions a. Determine the due date of the note b. Determine the matchaler of the note. Assume a 300-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. (1) Journalize the entry to record the receipt of the note by Zebra Fumiture. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered PAGE 1 JOURNAL ACCOUNTING FOCIATION DATE DESCRIPTION POST DEBIT CREDIT ASSETS LIABILITIES EQUITY Journal c. (2) Journalize the entry to record the receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 1 JOURNAL DATE ACCOUNTING EQUATION DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY
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