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Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, dated April 19, to Bork Furniture Company on account. Assume 360
Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, 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. July 18 b. Determine the maturity value of the note. 79,560 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. Notes Receivable Accounts Receivable-Valley Designs 78,000 Accounting numeric field 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 79,560 78,000 1,540
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