Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest. a. Determine the due date of the note. August 11 V b. Determine the maturity value of the note. Feedback c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not require an entry, leave it blank. 38 Notes Receivable v Accounts Receivable-Autumn Designs Decorators v 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. Cash Notes Receivable v Interest Revenue v 000 00

Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest. a. Determine the due date of the note. August 11 V b. Determine the maturity value of the note. Feedback c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not require an entry, leave it blank. 38 Notes Receivable v Accounts Receivable-Autumn Designs Decorators v 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. Cash Notes Receivable v Interest Revenue v 000 00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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