50.1K

Verified Solution

Link Copied!

Valley Designs issued a 90-day, 10% note for $42,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest.

Question Content Area

a. Determine the due date of the note.

July 9July 10July 21July 30

b. Determine the maturity value of the note. $fill in the blank b20346fd2fae03e_2

Question Content Area

c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank.

blank	Accounts Receivable-Valley DesignsAllowance for Doubtful AccountsBad Debt ExpenseCashNotes PayableNotes Receivable	- Select -	- Select -
	Accounts Receivable-Valley DesignsAllowance for Doubtful AccountsBad Debt ExpenseCashNotes PayableNotes Receivable	- Select -	- Select -

Question Content Area

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.

blank	Accounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseCashInterest RevenueNotes Receivable	- Select -	- Select -
	Accounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseCashNotes PayableNotes Receivable	- Select -	- Select -
	Allowance for Doubtful AccountsBad Debt ExpenseCashInterest ReceivableInterest RevenueNotes Payable	- Select -	- Select -

Answer & Explanation Solved by verified expert

See Answer