Entries for Notes Receivable Valley Designs issued a 120-day, 6% note for $80,000 dated April 20 to Bork Furniture Company on account. Assume a 360-day year. a. Determine the due date of the note. August 18 b. Determine the maturity value of the note. ci. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. 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. Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $6,740,000, wrote off $48,600 of accounts as uncollectible using the direct write-off method, and reported net income of $712,500. Determine what the net income would have been if the allowance method had been used and the company estimated that 1% of sales would be uncollectible