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alley Designs issued a 90-day, 9% note for $66,000, dated April 22, to Bork Furniture...

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Accounting

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alley Designs issued a 90-day, 9% note for $66,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. July 21 b. Determine the maturity value of the note. 49,485 x c. Journalize the entry to record the receipt of the note by Bork Furniture. Notes Receivable 49.485 X Accounts Receivable-Valley Designs 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. Cash X Notes Receivable

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