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Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe 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: (1) receipt of the note by Jaffe Furniture and (2) receipt of payment of the note at maturity.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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Chapter
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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 9, Problem 20E
Textbook Problem
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Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe 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: (1) receipt of the note by Jaffe Furniture and (2) receipt of payment of the note at maturity.

(a)

To determine

Determine the due date for the note issued on April 13.

Explanation of Solution

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 are 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.

Determine the maturity date for the note issued on August 11...

(b)

To determine

Determine the maturity value of the note.

(c)

To determine

Journalize the entries to record the transactions of S Designs & Decorators.

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Chapter 9 Solutions

Financial Accounting
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