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Problem 4 On June 1, 2010, Violet Co. provided services to its customer, Pinky Co., and received the Notes Receivable from Pinky Company with amount

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Problem 4 On June 1, 2010, Violet Co. provided services to its customer, Pinky Co., and received the Notes Receivable from Pinky Company with amount of $36.690 for the term of 90 days, with annual interest rate of 12%. Instructions: 1) Please calculate how much the Maturity Value is. 2) Please prepare the journal entry: a. When Violet Co. received the Notes Receivable b. When Violet Co, received the payment for this Notes Receivable from Pinky Co. on the due date. *Assumption: 1 year = 360 days

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