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Valley Designs issued a 120-day, 6% note for $86,200, dated April 15 to Bork Furniture...

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Question

Accounting

Valley Designs issued a 120-day, 6% note for $86,200, dated April 15 to Bork 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. Round your answer to the nearest dollar.
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. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.image

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First Questions A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar

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