Entries for Notes Receivable

Valley Designs issued a $90-$day, $10\%$ note for $$54,000,$ dated April $22,$ to Bork Furniture Company on account. Assume $360$ days in a year when computing the interest.

a$.$ Determine the due date of the note.

b$.$ Determine the maturity value of the note.

$

c$1.$ 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.

c$2.$ 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.