Autumn Designs & Decorators issued a 120-day, 6% note for $76,800, dated April 13 to Zebra 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 when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entries to record the following: (1) receipt of the note by Zebra Furniture and (2) receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. (1) Journalize the entry to record the receipt of the note by Zebra Furniture. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal pageis used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.Question not atte mpted.PAGE 1JOURNALScore: 0/25ACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY12 c. (2) Journalize the entry to record the receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Eveny line on a journalpage is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.Question not attempted.PAGE 1JOURNALScore: 0/37ACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY12

Maturity Value of the Note = Face Value + (Face Value * Interest rate * Days of Note / 360) Interest…

Answered: Autumn Designs & Decorators issued a…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 7E: The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account...

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Autumn Designs & Decorators issued a 120-day, 6% note for $76,800, dated April 13 to Zebra 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 when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar.
	c. Journalize the entries to record the following: (1) receipt of the note by Zebra Furniture and (2) receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar.

c. (1) Journalize the entry to record the receipt of the note by Zebra Furniture. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page
is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Question not atte mpted.
PAGE 1
JOURNAL
Score: 0/25
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2

c. (2) Journalize the entry to record the receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Eveny line on a journal
page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Question not attempted.
PAGE 1
JOURNAL
Score: 0/37
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2

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