Doe Creek Interior Decorators issued a 120-day, 7% note for $150,000, dated February 18, 2014,...
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Accounting
Doe Creek Interior Decorators issued a 120-day, 7% note for $150,000, dated February 18, 2014, to La Fleur Furniture Company on account. Assume 360 days in a year.
a. Determine the due date of the note.
b. Determine the maturity value of the note.
c1. Journalize the entry to record the receipt of the note by La Fleur Furniture.
c2. Journalize the entry to record the receipt of payment of the note at maturity.
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