FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
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Entries for Notes Receivable
Valley Designs issued a 90-day, 8% note for $78,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest.
a. Determine the due date of the note.
b. Determine the maturity value of the note.
c1.
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.
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- Use the journals provided in the assignment file to journalize the notes receivable transactions below. Nov. 2 - Received cash for the maturity value of a notes receivable for $400.00 plus $15.00 interest. Receipt 49 Nov. 10 - Accepted a 60-day, 9% note from Paula Jones for an extension of time on her account, $2,000.00. Note NR13 Nov. 20 - Accepted a 90-day, 8% note from George Robbins for an extension of time on his account, $3,000.00. Note NR14 Nov. 27 - Received cash for the maturity value of a notes receivable for $1,000.00 plus $30.00 interest. Receipt 51arrow_forward.arrow_forwardA business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. a. b.arrow_forward
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