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Entries for Notes Receivable Valley Designs issued a 90-day, 6% note for $30,000, dated April 22, to Bork Furniture Company on account. Assume 360 days
Entries for Notes Receivable
Valley Designs issued a 90-day, 6% note for $30,000, 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. July 21
b. Determine the maturity value of the note. $
c1. Journalize the entry to record the receipt of the note by Bork Furniture.
Notes Receivable | |||
Cash |
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.
Cash | |||
Notes Receivable | |||
Interest Revenue |
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