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There are two questions that has a lot of information and I really beed help on! Valley Designs issued a 120 day, 6% note for
There are two questions that has a lot of information and I really beed help on!
Valley Designs issued a 120 day, 6% note for $80,000 dated April 20 to Bork Furniture Company on account Required: Determine the due date of the note. Determine the maturity value of the note. Assume a 360 day year. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Bork Furniture Company General Ledger REVENUE ASSETS 410 Sales 610 Interest Revenue 110 Cash 111 Petty Cash 121 Accounts Receivable- Valley Designs 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Find Question A Determine the due date of the note B. Determine the maturity value of the note. Assume a 360-day year. Joonal Cro Junke meestyle record of the role by Sort Future the Charter Accor d ACCOUNTING EQUATION POST BY CO TRIT QUITY C.) Jumate the entry to record the recept of payment of the lead maturity. Refer to the Chart of Accounts for exact wording of account ACCOUNTING EQUATION Step by Step Solution
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