Determining Maturity Date

Find the maturity date of the following:

120-day note dated May 16

90-day note dated November 9

Calculate Maturity Value

Find the maturity value of the following:

$8,800 6% 9 months

$12,000 2% 75 days

Journalizing Notes for Buyer and Seller

For each of the following transactions for Jackson Co. (the seller), journalize what the entry would be for the buyer (North Co.). Jackson Company uses the periodic method.

Accounts Receivable, North Co. 7,800

Sales 7,800

Sold on account to North Co.

Notes Receivable 7,800

Accounts Receivable, North Co. 7,800

Transferred to Notes Receivable

Cash 7,906

Notes Receivable 7,800

Interest Income 106

Note paid by North Co. on due date