Entries for notes receivable

Valley Designs issued a 90-day, 10% note for $42,000, dated April 15, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest.

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a. Determine the due date of the note.

b. Determine the maturity value of the note.

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c1. 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.

blank	Account	Debit	Credit

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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.

blank	Account	Debit	Credit