Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe Furniture Company on account.a. Determine the due date of the note.b. Determine the maturity value of the note.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.

Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer 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. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. June 10

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.  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. 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.

Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On what date does this note mature? 2. Prepare the entries to record (a) issuance of the note and (b) payment of the note at maturity.

Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account.   (Assume a 360-day year when calculating interest.) (a)  Determine the due date of the note. (b)  Determine the interest. (c)  Determine the maturity value of the note. (d)  Journalize the entry to record the receipt of the note from Potts on Feb. 3. (e)  Journalize the entry to record the receipt of payment of the note at maturity by Valley Co.

On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal entry made by Jarrett Company to record the transaction? Multiple Choice   Debit Cash $8,800; credit Accounts Payable $8,800.   Debit Accounts Payable $8,800; credit Notes Payable $8,800.   Debit Cash $8,976; credit Notes Payable $8,976.   Debit Cash $8,800; credit Notes Payable $8,800.   Debit Notes Receivable $8,800; credit Cash $8,800.

Lundquist Company received a 60-day, 6% note for $37,500, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.   ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable   EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary   REVENUE 410…

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4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the receipt. Account Debit Credit 5. Prepare the journal entry to accrue interest on the above note at 12/31/20. Account Debit Credit 6. Prepare the entry to record payment of the above note in full on it's due date of 5/1/21. Account Debit Credit 7. AB Company purchases a truck in the amount of $15,000. Additional costs include sales tax of $1500, painting of $2500, license of $150 and a 1 year auto insurance policy of $1200. Complete the journal entry for the auto purchase. Account Debit Credit

On November 1, 20X1, Morant Corp. borrowed $80,000 in cash by signing a nine-month, 12% note from a local bank.  The note’s face value plus interest is due on August 1, 20X2. The November 1, 20X1, journal entry is shown in the general journal below. Required: In the journal below, prepare the 12/31/X1 and 8/1/X2 journal entries related to this note. Note: Round all interest calculations to the nearest whole month and whole dollar. Do not show decimals or cents in numerical responses.   Date   Debit Credit 11/1/X1 Cash 80,000            Note Payable   80,000         12/31/X1 AnswerCashInterest ExpenseInterest PayableNote Payable Answer            AnswerCashInterest ExpenseInterest PayableNote Payable   Answer         8/1/X2 AnswerNote Payable        Cash Answer     AnswerInterest PayableCashRetained Earnings Answer     AnswerInterest ExpenseAccounts PayableDeferred Revenue Answer            AnswerCashNote PayableInterest ExpenseInterest PayableRetained Earnings…