Entries for Notes Receivable

Spring Designs & Decorators issued a 120-day, 8% note for $36,000, dated April 13 to Jaffe Furniture Company on account. Assume a 360-day year when calculating interest.

a. Determine the due date of the note.

b. Determine the maturity value of the note.

c1. Journalize the entry to record the receipt of the note by Jaffe Furniture.

c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.