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Spring Designs & Decorators issued a 180-day, 5% note for $82,600, dated April 13 to...

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Accounting

Spring Designs & Decorators issued a 180-day, 5% note for $82,600, dated April 13 to Jaffe Furniture Company on account. Required: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year when calculating interest. 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. Refer to the Chart of Accounts for exact wording of account titles.

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