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Journalize the entries to record receipt of the note

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Reference no: EM132741422

Problem - Entries for notes receivable - Valley Designs issued a 120-day, 6% note for $80,000 dated April 20 to Bork Furniture Company on account.

Required -

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 Bork Furniture and (2) receipt of payment of the note at maturity.

Reference no: EM132741422

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