Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Valley Designs issued a 120-day, 5% note for $82, 600, dated April 20 to Bork Furniture Company on account, Required: A Determine the due date

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Valley Designs issued a 120-day, 5% note for $82, 600, dated April 20 to Bork Furniture Company on account, Required: A Determine the due date of the note B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dotlar, C. Journalize the entlies to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the noto at maturity. Peter to the Chart of Accounts for exact wording of account hitles. Round your answer to the nearest dollar CHART OF ACCOUNTS Bork Furniture Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 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 EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expenso 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses Chart of Accounts Va 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expenso 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expenso LIABILITIES 210 Accounts Payable 211 Salarios Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends First Questions x A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. (1) Joumalize the entry to record the receipt of the note by Bork Furniture Refer to the Chart of Accounts for exact wording of accounties. Round your answer to the nearest dollar PAGE JOURNAL ACCOUNTING EQUATION POST. REF CREDIT DATE DESCRIPTION DET CALITIES FQUITY Journanthe entry to record the receipt of ment of the note at maturity for to the Chart of Accounts for exact wording of account oond your answer to the news dolar PAGE C.(2) Journalze the entry to record the receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account deles. Round your answer to the newest dollar PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DEBIT CREDIT LEADILITIES ALLETS Quim 1 1 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economic Development Finance

Authors: Karl F Seidman

1st Edition

0761927093, 9780761927099

More Books

Students also viewed these Accounting questions

Question

How do todays organizations diff er from those of earlier eras?

Answered: 1 week ago