Question
Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3rd to Valley Co. on account. (Assume a 360-day year when calculating interest.) a.
Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3rd to Valley Co. on account. (Assume a 360-day year when calculating interest.) a. Determine the due date of the note. b. Determine the interest. $ c. Determine the maturity value of the note. $. I know a,b,c, but I don't know d. Journalize the entry to record the issuance of the note by Potts on Feb. 3. Also, i need help with e. Journalize the entry to record the receipt of payment of the note at maturity by Valley Co. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
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