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Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $30,000, dated April 17, to Bork Furniture Company on account. Assume 360 days
Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $30,000, dated April 17, 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 16 b. Determine the maturity value of the note. Feedback cl. Journalize the entry to record the receipt of the note by Bork Furniture. Notes Receivable 30,000 Accounts Receivable-Valley Designs 30,000 | 0 Feedback 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 30,000 Interest Revenue Feedback Feedback
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