Entries for notes receivable Instructions Chart of Accounts First Questions Journal Instructions 3. Valley Designs issued a 120-day, 9% note for $88,400, dated April 15 to Bork Furniture Company on account. Required: 5. A. Determine the due date of the note. 6. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. C. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer 7. to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. V 2i 41 Chart of Accounts CHART OF ACCOUNTS Bork Furniture Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 121 Accounts Receivable-Valley Designs EXPENSES 129 Allowance for Doubtful Accounts 510 Cost of Merchandise Sold 132 Notes Receivable 520 Sales Salaries Expense 141 Merchandise Inventory 521 Advertising Expense 145 Office Supplies 522 Depreciation Expense-Store Equipment 146 Store Supplies 523 Delivery Expense 151 Prepaid Insurance 524 Repairs Expense 181 Land 529 Selling Expenses 191 Store Equipment Chart of Accounts 529 Selling Expenses 191 Store Equipment 530 Office Salaries Expense 192 Accumulated Depreciation-Store Equipment 531 Rent Expense 193 Office Equipment 532 Depreciation Expense-Office Equipment 194 Accumulated Depreciation-Office Equipment 533 Insurance Expense 534 Office Supplies Expense LIABILITIES 210 Accounts Payable 535 Store Supplies Expense 211 Salaries Payable 536 Credit Card Expense 213 Sales Tax Payable 537 Cash Short and Over 214 Interest Payable 538 Bad Debt Expense 215 Notes Payable 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary First Questions A. Determine the due date of the note. October 11 November 14 August 13 December 10 September 11 maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. $ C. (1) Journalize the entry to record the receipt of the note by Bork Furniture. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. PAGE 1 ACCOUNTING EQUATION JOURNAL ASSETS DATE DESCRIPTION POST. REF. DEBIT CREDIT LIABILITIES EQUITY 1 2 C. (2) Journalize the entry to record the receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. PAGE ACCOUNTING EQUATION JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3