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Entries for notes receivable Valley Designs Issued a 120-day, 5% note for $60,000 dated April 15 to Bork Furniture Company on account. A. Determine the due date of the note. B. Determine the maturity value of the note. C. Journalize the entries to record the following: CD receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity.

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Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207

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Chapter
Section
BuyFindarrow_forward

Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207
Chapter 8, Problem 8.20EX
Textbook Problem
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Entries for notes receivable

Valley Designs Issued a 120-day, 5% note for $60,000 dated April 15 to Bork Furniture Company on account.

  1. A. Determine the due date of the note.
  2. B. Determine the maturity value of the note.
  3. C. Journalize the entries to record the following: CD receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity.

A.

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

Interest on note:

Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender.

To determine: The due date for the note issued on April 15.

Explanation of Solution

Maturity date has been calculat...

B.

To determine
The maturity value of the note.

C.

To determine

To journalize: The entries to record the transactions of B Furniture Company.

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Chapter 8 Solutions

Financial & Managerial Accounting
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