Valley Designs issued a 120-day, 6% note for $80,000 dated April 20 to Bork Furniture Company on account.

Required:

A.Determine the due date of the note.

B.Determine thematurity valueof the note. Assume a 360-day year.C.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.