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Valley Designs issued a 90 -day, 6% note for $60,000, dated April 19 , to Bork Furniture Company on account. Assume 360 days in a
Valley Designs issued a 90 -day, 6% note for $60,000, dated April 19 , to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. b. Determine the maturity value of the note. Feedback T Check My Work The due date is the date the note is to be paid. 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. Feedback Vheck My Work The account receivable must be removed from the books and the newly issued note receivable recorded
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