![Izzyfizzy1](/avatars/6250.jpg)
Izzyfizzy1
05.05.2020 •
Business
Valley Designs issued a 90-day, 6% note for $96,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. July 9 b. Determine the maturity value of the note. $ Feedback The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. 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. Accounts Receivable-Valley Designs Allowance for Doubtful Accounts Feedback The account receivable must be removed from the books and the newly issued note receivable recorded. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Solved
Show answers
More tips
- S Style and Beauty How to Grow Hair Faster: Real Methods and Advice...
- F Family and Home How to Remove Fading from Clothes: Tips and Tricks...
- F Food and Cooking How to Make Polendwitsa at Home?...
- F Family and Home Parents or Environment: Who Has the Most Influence on a Child s Upbringing?...
- P Philosophy Unbelievable stories of encounters with otherworldly forces...
- L Leisure and Entertainment How to Choose the Perfect Gift for Men on February 23rd?...
- H Health and Medicine How to Treat Whooping Cough in Children?...
- H Health and Medicine Simple Ways to Lower Cholesterol in the Blood: Tips and Tricks...
- O Other How to Choose the Best Answer to Your Question on The Grand Question ?...
- L Leisure and Entertainment History of International Women s Day: When Did the Celebration of March 8th Begin?...
Answers on questions: Business
- B Business Barry offers dry cleaning service for three dollars per item as opposed to Carlos who charges 350 per wash in the same locality Carlos gets together with other...
- P Physics What is the approximate tangential speed of an object orbiting earth with a radius of 1.8 × 108 m and a period of 2.2 × 104 s? a) 7.7 × 10–4 m/s b) 5.1 × 104 m/s...
- P Physics Using a fixed 20 V from the power source and three lightbulbs that have the same resistance, how would you design a circuit that would allow at least one bulb to...
- H Health Look this one gyssss and search noww......hojaegaaa ab...... ...
Ответ:
Please see answer in explanation column
Explanation:
a) Due date = April 22+90 days = July 21
b) Maturity value = 96,000+(96,000*6%*90/360) = $97,440
c1) Journal entry for receipt of note by Bork Furniture
journal Debit Credit
Notes receivable $96,000
Account receivable $96,000
C2) Journal entry to record receipt of payment at maturity
journal Debit Credit
Cash $97,440
Notes receivable $96,000
Interest revenue $1,440 (97,440-96,000)
Ответ:
Sickly and drunk hope it helps
Explanation: