Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe furniture company on account. Assume a 360 day year when calculating interest. A. Determine the due date of the note. _______ B. Determine the maturity level of the note. $ _______ C1. Journalizing entry to record the receipt of the note by Jaffe furniture. ____________ ____________ 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. __________ __________ __________
Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe furniture company on account. Assume a 360 day year when calculating interest. A. Determine the due date of the note. _______ B. Determine the maturity level of the note. $ _______ C1. Journalizing entry to record the receipt of the note by Jaffe furniture. ____________ ____________ 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. __________ __________ __________
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 2P
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Question
Entries for notes receivable
Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe furniture company on account. Assume a 360 day year when calculating interest.
A. Determine the due date of the note.
_______
B. Determine the maturity level of the note.
$ _______
C1.
____________
____________
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.
__________
__________
__________
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