Valley Designs issued a 120-day, 10% note for $90,200, dated April 20 to Bork Furniture Company on account. Required:   Determine the due date of the note.   Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar.   Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.

College Accounting (Book Only): A Career Approach
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Author:Scott, Cathy J.
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ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
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Valley Designs issued a 120-day, 10% note for $90,200, dated April 20 to Bork Furniture Company on account.
Required:
  Determine the due date of the note.
  Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar.
  Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.
 Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar.
$-----
C. (1) Journalize the entry to record the receipt of the note by Bork Furniture. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.
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JOURNAL
ACCOUNTING EQUATION
 
  DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
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 C. (2) Journalize the entry to record the receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.
PAGE 1
 
JOURNAL
ACCOUNTING EQUATION
 
  DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1
 
 
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
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