Question

Entries for notes receivable valley designs issued a 120-day, 5% note for $60,000 dated april 15 to bork furniture company on account. assume a 360-day year.
a. determine the due date of the note. august 13
b. determine the maturity value of the note. $ 60,000 feedback c1. journalize the entry to record the receipt of the note by bork furniture. notes receivable accounts receivable-valley designs feedback 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.

Answer 1

Instructions for the proper handling of accounts receivable using notes held by bork furniture company as an example. Determine the due date by calandar day and year, and the maturity values of all said notes.