Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest. a.  Determine the due date of the note.   b.  Determine the maturity value of the note. $fill in the blank 28a784fcdfa8f9b_2 c1.  Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not require an entry, leave it blank.     fill in the blank 6f2377033fbef92_2 fill in the blank 6f2377033fbef92_3     fill in the blank 6f2377033fbef92_5 fill in the blank 6f2377033fbef92_6 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.     fill in the blank c12f99fe5012fd4_2 fill in the blank c12f99fe5012fd4_3     fill in the blank c12f99fe5012fd4_5 fill in the blank c12f99fe5012fd4_6     fill in the blank c12f99fe5012fd4_8 fill in the blank c12f99fe5012fd4_9

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter8: Receivables
Section: Chapter Questions
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Entries for Notes Receivable

Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest.

a.  Determine the due date of the note.
 

b.  Determine the maturity value of the note.
$fill in the blank 28a784fcdfa8f9b_2

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

    fill in the blank 6f2377033fbef92_2 fill in the blank 6f2377033fbef92_3
    fill in the blank 6f2377033fbef92_5 fill in the blank 6f2377033fbef92_6

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.

    fill in the blank c12f99fe5012fd4_2 fill in the blank c12f99fe5012fd4_3
    fill in the blank c12f99fe5012fd4_5 fill in the blank c12f99fe5012fd4_6
    fill in the blank c12f99fe5012fd4_8 fill in the blank c12f99fe5012fd4_9
Expert Solution
Step 1

Introduction:

Journals:

Recoding of a business transactions in a chronological order.

First step in the preparation of final accounts is recording journals.

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