Entries for notes receivable

Valley Designs issued a $90-$day, $12\%$ note for $$72,000,$ dated April $19,$ 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.

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