Determine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note 120 days 30 days 45 days a. January 5* b. February 15* c. May 19 d. August 20 e. October 19 $83,000 21,000 67,000 33,600 50,000 7 *Assume a non-leap year in which February has 28 days. a. b. Assume 360 days in a year when computing the interest. Note Due Date Interest C. d. e. May 5 Mar. 17 July 3 Nov. 18 Jan. 17 6% 00000 4 8 5 90 days 90 days Entries for notes receivable Valley Designs issued a 90-day, 6% note for $54,000, dated April 22, 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 21 b. Determine the maturity value of the note. Feedback Check My Work The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360-day year. The maturity value is the amount that must be paid at the due date of the note. 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 Notes Receivable Accounts Receivable-Valley Designs Feedback Check My Work The account receivable must be removed from the books and the newly issued note receivable recorded. Cash V Notes Receivable Interest Revenue 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 000