Entries for Notes Receivable

Valley Designs issued a 90-day, 9% note for $96,000, dated April 15, 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 14

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

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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.

	Notes Receivable	fill in the blank 9f5f92081073ff6_2	fill in the blank 9f5f92081073ff6_3
	Accounts Receivable-Valley Designs	fill in the blank 9f5f92081073ff6_5	fill in the blank 9f5f92081073ff6_6

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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.

	Cash	fill in the blank f1c247f48056037_2	fill in the blank f1c247f48056037_3
	Notes Receivable	fill in the blank f1c247f48056037_5	fill in the blank f1c247f48056037_6
	Interest Revenue	fill in the blank f1c247f48056037_8	fill in the blank f1c247f48056037_9