Entries for notes receivable

Valley Designs issued a 90-day, 9% note for $54,000, dated April 17, 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.

July 9July 10July 16July 30

b. Determine the maturity value of the note. fill in the blank 1 of 1$

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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.

	Account	Debit	Credit
	Accounts Receivable-Valley DesignsAllowance for Doubtful AccountsBad Debt ExpenseNotes PayableNotes Receivable	- Select -	- Select -
	Accounts Receivable-Valley DesignsAllowance for Doubtful AccountsBad Debt ExpenseNotes PayableNotes Receivable	- Select -	- Select -

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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.

	Account	Debit	Credit
	Accounts ReceivableAllowance for Doubtful AccountsCashInterest RevenueNotes Receivable	- Select -	- Select -
	Accounts ReceivableAllowance for Doubtful AccountsCashNotes PayableNotes Receivable	- Select -	- Select -
	Allowance for Doubtful AccountsCashInterest ReceivableInterest RevenueNotes Payable	- Select -	- Select -